Q4 profits rise at Alibaba ahead of IPO

Alibaba Group reported strong fourth-quarter 2013 profit as China’s largest e-commerce company prepares for its US IPO, Bloomberg reported. Net income attributable to ordinary shareholders more than doubled to US$1.35 billion in the three months ended December, according to a presentation on Tuesday from Yahoo! (YHOO.NASDAQ), which owns a 24% stake in the Chinese company. “It exceeded expectations so valuation should increase,” said Sameet Sinha, an analyst with B. Riley & Co. in San Francisco. Alibaba was valued at US$153 billion in February, according to the average estimate of 10 analysts compiled by Bloomberg.