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Alibaba reports strong growth before listing

China's e-commerce conglomerate Alibaba Group Holding Ltd has seen its net profit surge more than 100 percent in the fourth quarter of 2013 as it prepares for a landmark initial public offering in the United States in the coming months. Alibaba reported a net profit of $1.4 billion in the fourth quarter, up from $642 million in the same quarter a year earlier. The Hangzhou-based company's fourth-quarter revenue grew 66 percent year-on-year to nearly $3.1 billion.

California seeks to expand high-tech, bio-tech ties