This would as a result net in US$10 billion in Alibaba's IPO alone to Yahoo!. In 2005, Yahoo! invested in Alibaba through a variable interest entity (VIE) structure, buying a 40% stake in the company for US$1 billion. Alibaba subsidiary Taobao would later force eBay out of the Chinese market, with eBay closing its unprofitable China Web unit, though the two companies would break even six years later. By applying existing technologies, gaining trust in the Chinese e-commerce market, and expanding through dominating the market at a loss before making a return on additional services, Alibaba's subsidiaries outperformed eBay in the Chinese e-commerce market, claiming a growing percentage of consumers from eBay. When eBay announced its expansion into China in 2003, Ma viewed the American company as a foreign competitor and rejected eBay's buyout of Alibaba's subsidiary Taobao. Ma wanted to improve the global e-commerce system, so from 2003 onward, Alibaba launched Taobao Marketplace, Alipay,, and Lynx. In 2002, became profitable three years after launch. was expected to improve the domestic e-commerce market and perfect an e-commerce platform for Chinese enterprises, especially small and medium-sized enterprises (SMEs), to help export Chinese products to the global market as well as to address World Trade Organization (WTO) challenges. In 1999, Wallenbergs Investor AB owned 6% of the shares. In October 1999, Alibaba received a US$25 million investment from Swedish Wallenberg family's Investor AB, Goldman Sachs and SoftBank. On 28 June 1999, Jack Ma, with 17 friends and students founded, a China-based B2B marketplace site, in his Hangzhou apartment. We also registered the name AliMama, in case someone wants to marry us! History Alibaba opens sesame for small- to medium-sized companies. Alibaba is a kind, smart business person, and he helped the village. I said what do you know about Alibaba, and she said ' Open Sesame.' And I said yes, this is the name! Then I went onto the street and found 30 people and asked them, 'Do you know Alibaba'? People from India, people from Germany, people from Tokyo and China. And then a waitress came, and I said do you know about Alibaba? And she said yes. One day I was in San Francisco in a coffee shop, and I was thinking Alibaba is a good name. As Jack Ma, one of the founders, replied to Lorraine Hahn on TalkAsia: The company's name came from the character Ali Baba from the Middle Eastern folk-tale collection One Thousand and One Nights because of its universal appeal.
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It also set the record on the 2018 edition of China's Singles' Day, the world's biggest online and offline shopping day. It has been expanding into the media industry, with revenues rising by triple percentage points year after year. The company hosts the largest B2B (), C2C ( Taobao), and B2C ( Tmall) marketplaces in the world. It is also one of the biggest venture capital firms and investment corporations in the world, as well as the second largest financial services group behind Visa via its fintech arm Ant Group. In 2020, it was also rated as the fifth-largest artificial intelligence company. Īlibaba is one of the world's largest retailers and e-commerce companies. As of 2022, Alibaba has the ninth-highest global brand valuation. In January 2018, Alibaba became the second Asian company to break the US$500 billion valuation mark, after its competitor Tencent. It is one of the top 10 most valuable corporations, and is named the 31st-largest public company in the world on the Forbes Global 2000 2020 list. On 19 September 2014, Alibaba's initial public offering (IPO) on the New York Stock Exchange raised US$25 billion, giving the company a market value of US$231 billion and, by far, then the largest IPO in world history. It owns and operates a diverse portfolio of companies around the world in numerous business sectors. Founded on 28 June 1999 in Hangzhou, Zhejiang, the company provides consumer-to-consumer (C2C), business-to-consumer (B2C), and business-to-business (B2B) sales services via web portals, as well as electronic payment services, shopping search engines, and cloud computing services.
Alibaba Group Holding Limited, or Alibaba ( Chinese: 阿里巴巴), is a Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology.
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