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Definition: Alibaba

(Alibaba Group Holding Limited, Hangzhou, China, www.alibaba.com) An Internet-based conglomerate that offers consumer and business e-commerce sites, online payments and auctions, a search engine for shopping, as well as cloud computing services. Founded by Jack Ma in 1999, Alibaba accounts for the bulk of China's online sales and parcel deliveries and half the online payments. It is one of the most visited sites on the Internet, and its USD $25 billion IPO on the New York Stock Exchange in September 2014 was the largest ever.