Alibaba founder Jack Ma (Photo : Getty Images)
Alibaba Group Holding is now the top Asian tech company in terms of value, surpassing rivals Tencent Holdings and China Mobile.
The company's market value on the New York Stock Exchange climbed to $266 billion in terms of capitalization, with a stock price of $104.64 per share, the South China Morning Post reported. The figure surpassed Tencent\s value of $255.98 billion. China Mobile came in third with a value of $249.38 billion.
Alibaba's revenue also increased by 59 percent in the second quarter of 2016, marking the strongest it has bean since its initial public offering in 2014.
Aside from the three Chinese technology companies, South Korean electronics firm Samsung is another tech firm included in the list of Asia's 10 most valuable companies. Meanwhile, China's largest state-owned banks, led by the Industrial and Commercial Bank of China occupy four of the 10 spots.
Louis Tse Ming-kwong of Hong Kong-based firm VC Brokerage attributed Alibaba's significant growth to the increased attention that the tepidly growing e-commerce and internet market in China.
The new market has exceedingly replaced heavy industries like oil refineries, manufacturing, and banks as the fastest growing business areas not only in the country but also all over Asia.
Alibaba's growth has also placed it as the tenth largest company in the world, with the top five being made up of global internet and technology firms Apple, Alphabet (Google's parent company), Facebook, Microsoft, and Amazon.
Tse also noted that, while the valuation of Chinese tech firms isn't as large as their U.S. counterparts, China's internet market still has a lot of room for growth.
Aside from its e-commerce sites like Taobao and Tmall, Alibaba's other technology-related business ventures have also shown significant growth, China Topix reported. Such ventures include cloud computing and logistics services. The company's financial arm has also reported impressive growth.
