Alibaba’s annual growth in revenue and profits decelerated sharply in the last quarter, denting confidence as the Chinese e-commerce group prepares to launch an initial public offering expected to value it at more than $60bn.
Yet in a sign of just how fast ecommerce is growing in China, Alibaba’s revenues still increased, year on year, by more than half in the three months to September 30, to $1.78bn.
Alibaba’s various sites host about 80 per cent of China’s ecommerce. Its sales comprise about 2 per cent of China’s gross domestic product, making the company’s expected IPO this year one of the most watched financial events of the year.
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