“On its way to becoming the world’s biggest economy, China is passing another landmark. Its e-commerce market is overtaking America’s. And one giant firm dominates the market: Alibaba, by some measures already the world’s largest e-commerce company. Last year two of Alibaba’s portals together handled 1.1 trillion yuan ($170 billion) in sales, more than eBay and Amazon combined. Yet despite such extraordinary success, many people outside China have barely noticed the rise of this privately held behemoth. That is about to change. Soon, the firm is expected to announce details of its initial public offering (IPO).”
