E-commerce giant overtakes Tencent to be most profitable Internet firm

Alibaba Group Holding Ltd, China's biggest e-commerce company, has overtaken Tencent Holdings Ltd to become the country's most profitable Internet company after its net profit nearly tripled in the fourth quarter from a year earlier.

Analysts said the rapidly growing profit may help privately run Alibaba secure an initial public offering, although the company said it has no timetable yet.