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On 6 November 2007, Alibaba.com debuted on the Hong Kong Stock Exchange, raising US$1.5 billion to become the world''s biggest Internet offering since Google''s initial public offering (IPO) in 2004. A frenzied purchase of the stock pushed prices up by 193% on the first trading day, making it the fourth-largest first-day gain in Hong Kong''s stock exchange in three years. The closing price of US$5.09 per share valued Alibaba.com at about US$25.6 billion and made it the fifth-largest among global Internet companies and the largest in Asia outside Japan. It also made the company one of the most expensive stocks in Hong Kong, trading at 306 times the company''s projected 2007 earnings. In contrast, globally recognised brand names such as Yahoo and Japan''s Softbank, both major stockholders of Alibaba.com, were trading at only 60 times their projected earnings. Shareholders were therefore displaying extreme optimism towards Alibaba.com''s earning prospect by paying a significant premium to own the company''s shares. As observers and venture capitalists have remarked, China is becoming a centre of technology and a major pole for innovation. Many successful dotcom strategies in the West have been copied and refined by Chinese technological gurus who have honed their technical and entrepreneurial skills in the West. These ''sea turtles'' are beating international giants like Google and eBay in the burgeoning Chinese market and have their sights set on global domination. Armed with proceeds from a record-breaking IPO, Alibaba.com is poised to stay ahead in the increasingly-competitive on-line B2B (business to business) market in China. What strategies can the company pursue and what pitfalls must it avoid?