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Alibaba tops Amazon's market cap as their rivalry heats up

The two e-retail giants are heading for a showdown in emerging Asia

SHANGHAIAlibaba Group Holding, locked in an intensifying battle with of the U.S., is strengthening its runaway lead in China and pushing harder for growth in Southeast Asia, India and other emerging markets.

On Oct. 10, the Chinese online shopping giant briefly topped Amazon in market value for the first time in about 28 months. Alibaba closed the day at $469 billion, only about $5 billion behind its Seattle-based rival, highlighting their close competition.

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