Tencent takes over top slot in Asia

Sharp fall in market value of Alibaba helps Internet firm gain an edge in wealth stakes

E-commerce giant Alibaba Group Holding Ltd has conceded the top slot in the Asian Internet market to rival Tencent Holdings Ltd after a slump in share prices sliced nearly $140.7 billion off its market value in the last 10 months.

The New York-listed Alibaba saw its market value fall below $153 billion after its shares closed at $60.91 on Tuesday, compared with $162 billion as of Wednesday for Tencent.