Alibaba the Chinese e-commerce giant ended the year with revenues up by 45% and profits up 26% at $5.64 billion.
The company recently rattled markets by announcing a freeze on further hiring until further notice, but announced the appointment of Borje Ekholm, of Sweden’s Investor AB as a board member. It also announced the promotion of Daniel Zhang, currently Chief Operating Officer of Alibaba Group, to be the new CEO.
At the end of the year to March the company had cash on its balance sheet of $19.7 billion.
The company floated on the New York Stock Exchange in what is the largest IPO in history.