Revenues soar on Lunar New Year sales

Alibaba Group Holding Ltd reported a 45 percent increase in fiscal fourth-quarter revenue as China's biggest e-commerce company capitalized on the Lunar New Year holiday shopping season.

The company also named Daniel Zhang as its new chief executive officer, replacing Jonathan Lu, who will remain on the board as vice-chairman, it said in its earnings statement.

Sales rose to 17.4 billion yuan ($2.8 billion) in the three months ended March 31, the company said on Thursday. That compared with the 16.8 billion yuan average of 25 estimates compiled by Bloomberg.