Alibaba is China's largest online retailer and a direct competitor to Amazon. Because of China's population and regional operations, its valuation occasionally exceeds Amazon's. Tmall for luxury goods, Taobao for low-cost goods and services, and Alipay for online payments have all enriched the website's founder, Yun Ma. This website, however, would not have been as successful without the investment from Goldman Sachs and SoftBank. Its founders initially rejected a $7 million investment from Singapore-based Transpac Capital due to its complex rules, but reached an agreement with Goldman Sachs in 1999 for a $5 million investment. In exchange for 50% of the shares and veto power, Alibaba received this investment in Hong Kong. Then, Japan's Softbank invested $20 million, and the subsequent IPO on the New York Stock Exchange raised even more capital. Yahoo made the company's final $1 billion investment.
Hangzhou, a district of Ningbo, is China's financial center, located in the North Jiangxi and South Jiangsu provinces. Shanghai is at the heart of this region. Shaoxing in textiles, Yongkang in hardware, Taizhou in sewing machines, Shenzhou in neckties, Haining in leather, and Datang in socks are all important Chinese cities and fields.