18 February 2019

Alibaba tops China as most profitable web firm, paper says

Chinese e-commerce giant Alibaba Group Holdings has surpassed Tencent Holdings Ltd. (00700.HK), China’s largest listed internet company, and become the most profitable domestic internet firm in the three months ended June 30, Beijing Times reported Thursday, citing financial disclosures released Tuesday by Yahoo Inc., which owns a stake in Alibaba. Data showed Alibaba’s net profit rose 145 percent to US$717 million for the period, compared with Tencent’s 4.15 billion yuan (US$680.48 million), the report said.

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