Asian tech companies' market caps have grown significantly this year as the tech cycle turned up and investors began pricing in economic recoveries, factors that moved the market capitalization of Chinese internet giant Alibaba Group Holding to well over $500 billion, APA reports citing Nikkei Asian Review.
New York-listed Alibaba's market value grew to $570 billion in that period, making the company Asia's No. 1 by that measure for the first time since it listed in 2014. Globally, Alibaba had the seventh highest valuation between Facebook ($588 billion) and Berkshire Hathaway ($554 billion).
Its market value grew 60%, far above Amazon.com's 20% and Google parent Alphabet's 29%.