Alibaba's market value surpasses all Asian listed firms

China's e-commerce giant Alibaba's market value has surpassed all other Asian listed firms, totalling over $266 billion (nearly Rs 17.7 lakh crore), official media here reported. 

The world's largest e-commerce platform closed at $104.64 per share on the New York Stock Exchange on Saturday, totalling over $266 billion, the highest market capitalisation of any Asian listed firm, state-run Xinhua news agency reported.

Rallying share prices due to booming business and outstanding financial performance have seen Internet companies catching up with traditional sectors.

Another Chinese internet company, Tencent, topped the Asian listed-firms market capitalisation earlier this month.

Alibaba reported stellar growth in the second quarter of this year, with revenue rising about 59% year on year, the strongest rise since its IPO two years ago. In addition to its e-commerce business, Alibaba is hoping for momentum in its financial, cloud computing and logistics services over the next decade, the report said.