Alibaba’s transaction volume rivals any of the global companies but the more important thing is that its net income margin (currently at 44%) is DOUBLE the average of the major players (~20%). Its absolute net income is already greater than Ebay, Facebook, Amazon, or Tencent. The IPO configuration is still unknown, but it may end up being similar to Facebook -- and will likely be larger, perhaps an IPO of $17 bn. We have included a [...]