The explosive success of China based Alibaba’s debut on the New York stock market Friday is confirmation that American dominance in the tech sector on Wall Street is over, according to a world expert on the firm.
“Alibaba’s IPO could well be the end of U.S. dominance in the world technology sector,” said Qing Wang, who researches Chinese firms competing in the west for the exclusive Warwick Business School in Coventry, England.
“Alibaba’s annual growth rate of more than 30 percent shows that the gap between the Chinese companies, Alibaba and Tencent, and US companies is getting ever closer,” she added in a statement to Secrets.
The online retailer similar to Amazon raised a record $21.8 billion in its IPO today. It is valued at more than Amazon and EBay combined.
She noted that with the inclusion of Alibaba on the stock exchange, “Chinese internet companies are already sharing the top four spots with the U.S. These are in descending order: Google, Alibaba, Tencent and Amazon.”
The professor added:
Paul Bedard, the Washington Examiner’s “Washington Secrets” columnist, can be contacted at [email protected].
