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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 (Taobao website), half the mobile payments (Alipay) and parcel deliveries. Its USD $25 billion IPO on the New York Stock Exchange in September 2014 was the largest ever. See Alipay.