Alibaba regains place as China's most valuable company

Alibaba regained the crown as the most valuable company in China on Friday, as rosy growth forecasts gave its stock price its biggest boost in over a year. The management of Alibaba Group Holding projected at the e-commerce company’s annual Investor Day event in Hangzhou on Thursday that revenues will expand by 45% to 49% this year, a target that beats analyst expectations by 10%. Company management is confident that the goal is within grasp as users spend more time and money on its gamut of services, Caixin reports.  Alibaba now has an equity value of over $355 billion, after the bullish expectations boosted the company stock by 13% on Thursday. Alibaba now narrowly leads Tencent Holdings, its Shenzhen-based rival in several business areas, which has a value of $343 billion. Revenues grew 56% in 2016, including those of Lazada, the Southeast Asian e-commerce platform whose earnings have been consolidated into Alibaba’s financials as of April 2016.