Alibaba is now Asia's most valuable company
Alibaba’s market capitalization has grown 60% this year and reached US$570 billion. The previous regional leader -Tencent - has shown the growth of only 20%, and got to US$459 billion. Their development has been, presumably, been slowed down by the decline in the advertisements sales because of new competitors like TikTiok.
Besides trade war has not hit retail and fintech - Alibaba’s domains - as hard as tech production, logistics and other fields of importance to Tencent. The rise of average income in China also played its part.
Currently Alibaba is seventh most valuable public company in the world. All the higher positions are occupied by American Big Tech companies. Except for the first one, that has been taken by storm by Saudi Aramco.