At Alibaba Group Holding's (NYSE:BABA) historic IPO in 2014, its co-founder, Jack Ma, spoke about his favorite movie, Forrest Gump, which provided a source of inspiration for the Chinese entrepreneur. Today, 11 years later, Alibaba has transformed into a $319 billion giant.
What Happened: During Alibaba's much-anticipated IPO on the New York Stock Exchange in 2014, in a conversation with CNBC, Ma drew a parallel between his own journey and the perseverance of Forrest Gump, the iconic fictional character played by Tom Hanks.
No matter what happens, "you are you," Ma said, reflecting on his belief in the importance of staying true to one's values and mission despite challenges.
This simple but profound philosophy helped guide Ma and Alibaba through what was then a historic IPO, raising $25 billion—at the time, the largest IPO in U.S. history.
The funds fueled Alibaba's ambitions to build an ecosystem that could serve small businesses in China and across the world, positioning itself as the leader of e-commerce and digital services.
Reflecting on the IPO day, Ma was both excited and overwhelmed, acknowledging that it was a momentous achievement. However, he reiterated that the most important thing for Alibaba was not the money or the stock market but the trust and responsibility the company now had toward its customers and employees.
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Why It Matters: Founded in 1999 by Ma and 17 co-founders, Alibaba began as a platform designed to link Chinese exporters with international buyers, with a strong focus on supporting small businesses.
In January 2000, Alibaba secured a $20M investment from a SoftBank-led group. In May 2003, the company launched Taobao, providing a marketplace for third-party sellers in China.
In December 2004, the Chinese e-commerce giant debuted Alipay and introduced QR code-based payments, which later sparked governance disputes.
In 2005, Yahoo invested $1 billion for a 40% stake, becoming Alibaba's largest shareholder and handing over control of Yahoo China. However, in September 2012, Alibaba repurchased half of Yahoo's stake for $7.6 billion.
Before listing in the U.S., Alibaba carried an IPO in Hong Kong and raised HK$13.1 billion, but in 2012, it delisted from the exchange, paying $2.45 billion to go private.
Tmall was introduced in 2008, and the following year, Alibaba Cloud was launched.
In 2019, Alibaba witnessed a leadership shift as Ma officially stepped down as chairman. Eddie Wu is the current CEO of Alibaba.
Today, Alibaba has become one of the world's most valuable companies, with a market capitalization of $319 billion.
Alibaba has been navigating the challenges posed by U.S. technology controls while advancing its domestic chip-based AI initiatives. In 2018, the company announced plans to make its chip accessible through its cloud platform.
In March, Alibaba introduced a new AI chip, XuanTie C930, to drive China’s open-source technology efforts and compete with major US chipmakers.
This shift reflects a broader trend among Chinese companies to enhance self-sufficiency in AI development amidst geopolitical tensions.
Price Action: Alibaba shares have surged 55.66% year-to-date. On Monday, the stock dipped 0.15% to $132.23 during the regular session and edged down another 0.068% after hours, according to Benzinga Pro.
Photo by Frederic Legrand – COMEO on Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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