Alibaba.com more than doubled on its first day of trading in Hong Kong to become Asia's second-biggest Internet company by market value after Yahoo Japan Corp.
Alibaba is trading at more than 135 times next year's estimated earnings. Alibaba's IPO was the biggest by a Web company after Google Inc.'s $1.9 billion share sale in August 2004. Google, the owner of the world's most popular search engine, sold shares at $85 apiece. The stock has risen more than eightfold since.
Google trades at about 35 times estimated earnings.
Goldman Sachs estimates Alibaba will post 2008 earnings before stock-based compensation of 1.24 billion yuan ($166 million), according to a report. Including those costs, profit is estimated at 1.02 billion yuan.
Alibaba's profit will nearly triple to 622 million yuan this year, the company said in its listing prospectus.
Clients can advertise or buy products using Alibaba's Web site for free. The company charges suppliers from China and Hong Kong an annual fee to become so-called premium members, which enable them to gain preferential access to buyers.
The Chinese word for bubble is 泡沫 (paomo). It may be worth learning this word.
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