Final push to this rise took place as Alibaba Group Holding Ltd forecast a revenue growth of 49% from 45% in the year ending in March.
Here's all about it
Alibaba's Jack Ma becomes Asia's richest man
Leap to the future paid off
China's largest e-commerce company is riding high on revenue from new areas such as cloud computing services and its flourishing music and video streaming businesses.
Alibaba also captures a large share of digital advertising with its inclusion of elements like videos in its shopping sites.
These ventures have successfully paid off and with the announcement, Alibaba shares rose 13% to a record high.
An unlikely benefactor
This good fortune was also shared with an erstwhile giant, Yahoo, which owns 15% stake in Alibaba; its only substantial clout from its glory days.
Its shares soared and managed to close at $55.71, which is a near-17-year high, considering it last closed at a decent $55.72 in 2000.
Yahoo will be transformed into Altaba, after it sells off its advertising wing to Verizon.
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Want some business wisdom?
Jack Ma, who is often known for his eccentricity and business acumen, is ready to impart his wisdom to entrepreneurs; but don't expect it to be a hum-drum run-of-the-mill affair.
For 100,000 yuan or roughly Rs. 9,45,339, a budding entrepreneur will be given tai chi philosophy lessons by the maestro in six classes, each of which will last for three days.
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