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Alibaba.com aims to lead e-commerce
2007-11-05
The founder of China e-commerce giant Alibaba.com Ltd. said Monday on the eve of the company's initial public offering that he hopes to turn it into a world leader of business-to-business commerce online. Alibaba.com hit its goal of raising $1.5 billion by selling 858.9 million shares, or a 17 percent stake, at its IPO in Hong Kong, an individual familiar with the matter told Dow Jones Newswires Saturday on condition of anonymity. The IPO price translates to a multiple of 55 times the company's forecast 2008 earnings. "I want to turn the company into a leading e-commerce platform for China, Asia and even the world," Jack Ma, founder of parent company Alibaba Group, said at a forum in Taipei. Ma disputed that China's business climate makes it difficult for e-commerce to grow. "People think that there is no mutual trust in China and the Chinese government imposes too many restrictions," Ma said. "Yet only when you work harder than others under rough conditions do you have a chance to succeed." Ma attributed Alibaba Group's success to good teamwork and clear focus. "I have seen many who are more clever and hardworking than (my team and me)," Ma said. But "we have a loyal team which has stayed on the same course and not wavered."
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