Asia’s tech companies still have a reputation in the West for being copycats. But Alibaba’s massive IPO is proof that consumer tech innovations from Asia can no longer be ignored.
Alibaba finally filed for its highly anticipated initial public offering this afternoon. The IPO is widely expected to surpass the $16.4 billion raised in 2012 by Facebook. The public offering means several big Silicon Valley players will be rolling in dough, most notably Yahoo, which owns a 24% stake in Alibaba.
Media coverage of the IPO, however, has been relatively quiet. That may be because Alibaba is still best known abroad for its unglamorous flagship product, Alibaba.com, a business-to-business wholesale site.
Over the last 18 months, however, perceptions of Asian consumer tech companies have begun to shift.
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