US tech giants dominate the web, but the buzz over Alibaba’s upcoming IPO on Thursday is a testament to the growing clout of Asian firms.
According to financial information provider S&P Capital IQ, four of the world’s ten biggest internet firms in terms of market capitalisation will hail from Asia once Alibaba is floated on the New York Stock Exchange.
Trailing behind Google with $390.5 billion and Facebook with $193.9 billion, Alibaba is expected to take the third spot with an estimated stock market value of $165 billion, beating Amazon’s $149.6 billion.
Number five is China’s Tencent with a market capitalisation of $147.6 billion, followed by its compatriot Baidu, whose $73.9 billion surpasses eBay’s $63.3 billion. Another Chinese firm, JD.com, is at number ten with a stock market valuation of $39.5 billion.
Altogether, Alibaba, Tencent, Baidu and JD.com are worth around $426 billion, while Silicon Valley giants Google, Facebook, eBay and Amazon are collectively valued at $797 billion.
“When I think of the seven great Internet companies in the world five years from now, I think of Facebook, Google, Apple, Amazon, Tencent, Alibaba and Baidu,” said Jim Breyer, one of the world’s richest venture-capital investors.
Alibaba’s Executive Chairman Jack Ma announced that they are eyeing a bigger presence in the United States and Europe after the IPO’s completion.
“In the past decade, we measured ourselves by how much we changed China. In the future, we will be judged by how much progress we bring to the world,” he added