Alibaba is no longer the largest internet company in Asia. Infact another Chinese company is

So which is the largest internet company in Asia? If you think the answer is Alibaba, do note, it was and it no more is. Achieving the numero uno position is Tencent Holdings, a Chinese investment holding company. Alibaba’s shares have slumped 4.7 % to $60.91 in New York earlier this week, making the online marketplace worth $153 billion. That's below Tencent's value for the first time since billionaire Jack Ma oversaw Alibaba's record-breaking initial public offering in September 2014.Alibaba's reliance on consumer spending in China, where it gets 83 % of its revenue, leaves it vulnerable to the domestic slowdown.

Tencent is adding pressure by buying Hollywood content for its video platform, investing in cloud computing and on-demand mobile services, while forging an ecommerce alliance with JD.com.

"Alibaba's second quarter earnings were not that impressive, whereas Tencent has bright prospects of generating money from mobile advertising," Jeff Hao, a Hong Kongbased analyst at China Merchants Securities Holdings told Bloomberg."Alibaba also gave some negative guidance for its performance for this quarter."
When the Chinese economy is in a mess, Tencent gaining 19% in Hong Kong trading shows how it is defying the losing of Yuan.

China may be lending Tencent shares a hand. Last month, the government cut rates for the fifth time since November and resumed intervening in equities, seeking to arrest a stock market rout that wiped out trillions of dollars in value. This has helped stocks to prop up in neighbouring Hong Kong.