Alibaba Group

Alibaba Group Holding Ltd. was founded by Jack Ma, a businessman from China, in 1999. The project was originally created as a transaction site for various scales of enterprises. Eventually, Alibaba Group has grown into a reputable leader of local and international online sales. Jack Ma, the company founder, was the first Chinese businessman to give an interview published by Forbes magazine. As a basic business concept, Ma chose the saying "E-commerce brings people and civilizations together". The company's name came from the oriental fairy-tale "Ali Baba and the Forty Thieves". Alibaba founder was inspired by the Arabic story about a poor woodcutter who took possession of priceless treasures. Jack Ma's company aims at encouraging smaller enterprises to grow and develop more effectively. The Internet technology of the Alibaba site is truly democratic for business because it doesn't require any investments from users. In 2014 Alibaba debuted with its shares on New York Stock Exchange. The gross investments by far exceeded the expectations - the company raised over $25 billion, claiming the title for the most successful IPO in history. In 2017 the Internet giant became the world's largest retailer. Alibaba Group enables millions of people to use AliExpress, AliPay, TaoBao Internet resources for products sale and purchase. The fiscal year of 2018 has further consolidated the online resource's market position. Net profit of the Chinese company has risen by 47% compared to the previous year and amounts to $10.2 billion.