Alibaba filed for its initial public offering last night and as you can see from the chart below, it is more than merely the “Amazon of China.”

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If you want to know why the company's expected value is so large and investors seem endlessly enthusiastic, consider the sandbox the company plays in. In addition to online retail, Alibaba is also involved in cloud services, online payments, mobile-operating systems and applications, maps and navigation, group purchasing, ride sharing, microblogging and music streaming.

The Amazon of China? More like the Amazon-Android-Dropbox-PayPal-Uber-Groupon-Spotify-Twitter-Hulu of China.

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Barry L Ritholtz at