The stock closed up 14.28%, or $2.87, to $22.97, just less than its new high. It hit a low of $20.25 for the day.
Collectively, China's web giants are growing even faster than their U.S. counterparts.
Alibaba has taken criticism for being opaque, but the company maintains that it is accurately reporting all the figures required by the SEC.
Markets reached their session lows Thursday afternoon.
Alibaba's stock is up an amazing 75% year-to-date and investors are taking notice.