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China's largest e-commerce and cloud-computing company, operating Taobao/Tmall marketplaces, Alibaba Cloud, and logistics/payments platforms.
China's largest e-commerce and cloud-computing company, operating Taobao/Tmall marketplaces, Alibaba Cloud, and logistics/payments platforms.
Earns mostly from advertising and commission fees that merchants pay to be found on Taobao and Tmall, with cloud fees the other main line. In 2023 it split into six business groups, each able to raise outside funding, and later dropped plans to float the cloud unit separately.
Moat: wide (network effects, scale, data). Dominant e-commerce marketplace network with merchant lock-in plus China's largest public cloud platform.
Headquarters: Hangzhou, China · Founded: 1999 · Employees: 131,462
Size Baba-w (9988.HK) is a Hong Kong Consumer Discretionary company (Internet Retail) with a market value of $266B, the 7th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$104.90 on 6 Nov 2026.
Performance Over six months the shares fell 25.5%, against +7.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 8.1% over the last twelve months (peer median +15.3%); the operating margin is 4.1% (peer median 8.1%).
Valuation It trades at 16.4× forward earnings against a peer median of 21.0× (4th cheapest of 19).
Capital Return on invested capital runs 8.9 points below its cost of capital (12.3% WACC).
Next results Next results expected around 1 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$1.17T | HK$1.12T | HK$1.08T | HK$1.03T | HK$993B |
| Revenue growth | — | +5% | +5% | +3% | — |
| Gross profit | HK$440B | HK$444B | HK$423B | HK$364B | HK$351B |
| EBITDA | HK$100.0B | HK$115B | HK$191B | HK$184B | HK$163B |
| Net income | HK$81.7B | HK$116B | HK$140B | HK$87.1B | HK$82.9B |
| Free cash flow | -HK$89.3B | -HK$55.7B | HK$83.7B | HK$163B | HK$189B |
| Capital expenditure | HK$179B | HK$139B | HK$92.8B | HK$36.0B | HK$39.3B |
| Total debt | HK$308B | HK$320B | HK$266B | HK$223B | HK$223B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Baba-w 9988.HK | $266B | -25% | +8% | 4% | 16.4× | n/a |
| Jd-sw 9618.HK | $34.8B | -5% | +8% | 0% | 9.2× | 14.4% |
| PDD Holdings Inc. Sponsored ADR PDD | $117B | -16% | +14% | 22% | 7.5× | n/a |
| Tencent 0700.HK | $482B | -11% | +16% | 32% | 12.5× | 6.4% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
| Meituan-w 3690.HK | $63.3B | -5% | +10% | -12% | 303.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9988.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.5% | +4.6% | 6th lowest of 21 |
| 6-month return | -25.5% | +7.8% | lowest of 21 |
| Distance from 52-week high | -39.9% | -15.6% | 5th lowest of 21 |
| Revenue growth (TTM) | +8.1% | +15.3% | 7th lowest of 21 |
| Operating margin | 4.1% | 8.1% | 7th lowest of 21 |
| Forward P/E | 16.4× | 21.0× | 4th cheapest of 19 |
| ROIC minus cost of capital | -8.9 pp | +9.3 pp | 4th lowest of 19 |
| EV / EBITDA | 19.8× | 14.5× | 3rd most expensive of 14 |
| Net debt / EBITDA | -1.9× | 0.4× | 4th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Baba-w 9988.HK | Hong Kong | $266B | -25% | +8% | 4% | 16.4× | n/a | n/a |
| MercadoLibre MELI | United States | $76.6B | -8% | +46% | 8% | 32.0× | 11.9% | +48.7% |
| eBay EBAY | United States | $53.5B | +14% | +15% | 21% | 18.4× | 15.4% | +4.6% |
| Sea Limited Sponsored ADR SE | United States | $49.1B | -13% | +43% | 8% | 18.0× | 11.7% | +39.3% |
| Jd-sw 9618.HK | Hong Kong | $34.8B | -5% | +8% | 0% | 9.2× | 14.4% | +11.1% |
| Coupang CPNG | United States | $29.2B | -4% | +7% | -3% | 55.9× | n/a | n/a |
| Amazon AMZN | United States | $2.80T | -5% | +15% | 13% | 26.3× | n/a | n/a |
| FSN E-Commerce Ventures NYKAA.NS | India | $10.7B | +31% | +28% | 5% | 209.2× | n/a | n/a |
| Chewy CHWY | United States | $9.07B | -2% | +6% | 3% | 24.1× | 16.8% | +12.0% |
| Rakuten 4755.T | Japan | $8.59B | -18% | +11% | 6% | n/a | -2.0% | +11.4% |
| Etsy ETSY | United States | $7.75B | +40% | +1% | 18% | 19.7× | 12.8% | +10.8% |
| Zalando ZAL.DE | Germany | $7.64B | +42% | +18% | 4% | 19.6× | 7.6% | +9.1% |
| Global-e Online GLBE | United States | $7.22B | +44% | +31% | 14% | 30.9× | 23.4% | +47.8% |
| Vipshop Holdings Ltd Sponsored ADR VIPS | United States | $6.55B | -4% | +2% | 7% | 5.4× | -20.3% | 0.0% |
| Zozo 3092.T | Japan | $6.41B | +8% | +6% | 30% | 19.6× | -5.0% | +9.2% |
| USS 4732.T | Japan | $5.34B | +8% | +11% | 52% | 18.7× | -0.8% | +8.7% |
| Mercari 4385.T | Japan | $3.76B | -5% | +19% | 19% | 15.6× | n/a | n/a |
| Xingyun Technology 300209.SZ | China | $3.15B | +30% | +978% | 23% | n/a | n/a | n/a |
| Global Industrial GIC | United States | $1.77B | +59% | +10% | 8% | 22.4× | 1.3% | +6.0% |
| RealReal REAL | United States | $1.61B | +25% | +18% | 0% | 47.8× | n/a | n/a |
| LuxExperience B.V. Sponsored ADR LUXE | United States | $1.40B | +20% | +111% | -6% | 194.0× | n/a | n/a |