Alibaba’s shares have fallen over the past 10 months, leading to losses of $141 billion. The company can no longer claim the title of Asia’s largest Internet company; Tencent now holds the first spot.

Alibaba Group’s shares fell 4.7 percent at the New York Stock Exchange on Tuesday. The company went public in the U.S. last September, and surpassed Tencent in market value.

Since its IPO, the Hangzhou based tech giant has had a number of issues including slowed sales growth, and clashes with the Chinese government.

Alibaba’s growth is dependent on Chinese consumer spending. 83% of the company’s revenue comes from the Chinese market. This means that Alibaba’s performance will suffer during a domestic economic slowdown.

Tencent, on the other hand, has purchased video platform content from Hollywood, invested in cloud computing and popular mobile services, and formed a powerful partnership with JD.

The recent decline of the Chinese stock market has not affected Tencent. The company’s shares have grown 15 percent this year in the Hong Kong Stock Exchange. This Tuesday, Tencent was valued at 1.22 trillion Hong Kong dollars at the market’s close (about $156.9 billion).

Source: inews.qq.com

Warning：The use of any news and articles published on eChinacities.com without written permission from eChinacities.com constitutes copyright infringement, and legal action can be taken.

Keywords: Alibaba tencent Alibaba stocks