According to an analytical article published Thursday on The New York Times website, written by John Foley, if Alibaba chooses to list its entire company, its valuation is expected to be close to 100 billion US dollars.Because of the differences between Alibaba's situation and that of Amazon and eBay in the United States, Foley used two sets of data to calculate Alibaba's market value: one is sales volume, and the other is the commission extracted from each transaction. In addition, the commission may come from advertising or transaction fees, or both. However, ultimately, this all represents the revenue that the company can obtain from sellers.Assuming that the Chinese e-commerce market maintains a 35% growth rate annually over the next two years, and that Alibaba simultaneously maintains its current market share of around 80%, the company's transaction volume in 2014 will approach 300 billion US dollars. If Alibaba can increase its commission ratio to 5%, its annual income will reach 15 billion US dollars.Based on Alibaba's operating profit margin of 30% as of September 2012, plus the 15% tax rate enjoyed by high-tech enterprises in China, the company’s profit in 2014 will reach 3.8 billion US dollars. Referring to Tencent's recent dynamic price-to-earnings ratio of 25 times, Alibaba's valuation is approximately 95 billion US dollars.