Alibaba Group Holding Ltd., just reached the $500 billion valuation milestone according to local media reports. The China-based e-commerce giant closed on Wednesday with 500.8 billion in value at $195.53 and up 1.69% on the New York Stock Exchange according to CNBC data.

In August, Alibaba became the first Asian company to hit the $400 billion market cap (in Chinese). However, three months later, Tencent, the WeChat operator, beat Alibaba to become the first Chinese technology stock to reach the $500 billion mark.

Alibaba Group had a great 2017—its shares nearly doubled, crushing most analysts’ estimates. Many analysts are upbeat about Alibaba’s outlook, expecting the momentum to continue throughout 2018.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.