Alibaba has become the most valuable company in Asia; with a market value of more than $266 billion.

Alibaba surpassed Tencent’s US$255.98 billion capitalization. The Chinese e-commerce giant's stocks are valued at $104.64 per share on the New York Stock Exchange, which is the highest market capitalization of any listed Asian firm, according to the South China Morning Post. The third on the list is China Mobile, with a US$249.38 billion market value. 

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“Many international investors are eyeing the rapid growth of e-commerce in China and the internet business in Asia. That’s why Alibaba and Tencent have become their favorites,” said Louis Tse Ming-kwong, director of VC Brokerage in Hong Kong.

Alibaba’s shares have increased by 28.8 percent this year, making the Chinese e-commerce firm the world’s 10th-largest company by value. Alibaba’s success in increasing its share prices can be attributed to its booming business and outstanding financial performance. The company recorded impressive growth in the second quarter of 2016, with its revenue increasing by 59 percent - the strongest since its IPO in 2014.

Moreover, the Jack Ma-owned company is betting on the success of its financial, cloud computing and logistics services over the next decade aside from its e-commerce business, the Economic Times reported. 

Technology and Internet-related businesses are now in better shape compared to conventional industries such as oil refineries, manufacturers, and banks.

Aside from Alibaba, Tencent, and China Mobile, South Korea’s Samsung Electronics is one of Asia’s 10 most valuable corporations with a market value of US$191.76 billion. The sixth spot went to Toyota Motor with US$191.37 billion in value.

TagsAlibaba, most valuable company, Asia's Most Valuable Company, Tencent, China Mobile, Samsung, Toyota Corp