Alibaba Group’s revenues rose 51 percent to $1.78 billion

Alibaba GroupChina's leading online market, Alibaba Group Holding has said that its revenues have risen 51 percent to $1.78 billion during the three month period till September.

The net income of the company rose 12 per cent to the level of $792 million compared to the previous quarter as it recorded increasing sales. The Hangzhou, China-based company is aiming to attract Chinese internet users by entering into deals with Chinese as well as US firms and is also expanding its reach to mobile games and messaging.

The company runs platforms including Taobao Marketplace and Tmall. com that allows retail brands and consumers to connect with each other and enter into transactions through the website. The company posted 71 percent growth in revenue in the March quarter and 61 percent growth in the three months till June.

The company is believed to be valued to about $190 billion as it is planning its Initial Public Offering. According to estimates, China's largest e-commerce company could be valued at as much as $120 billion making it the third largest Internet company behind Google Inc. and Amazon. com.

Co-founder and Executive Vice Chairman Joseph Tsai of the company criticised the Hong Kong stock exchange for the failure of talks and said that the stock exchange must adapt to new trends and changes. The Hong Kong stock exchange was the first choice for an IPO for the company but the company did not get an approval because the stock exchange did not agree to a company proposal to allow its partners to nominate a majority of the board.