U.S. Markets closed

Alibaba's Ma sees $1 trillion in transactions in five years

Jack Ma, Founder and Executive Chairman of Alibaba Group addresses the Economic Club of New York at the Waldorf Astoria Hotel in the Manhattan borough of New York City, June 9, 2015. REUTERS/Mike Segar

(Reuters) - Chinese e-commerce company Alibaba Group Holding Ltd is aiming to more than double its transaction volumes to more than $1 trillion in five years, Executive Chairman Jack Ma told a conference in Chicago on Wednesday.

Ma said the group would achieve $1 trillion in "sales" in five years.

A spokesman for the group said he was referring to "gross merchandise volume," a measure of the transactions across its various platforms, which came to roughly $390 billion in the past fiscal year.

(Reporting by Nandita Bose in Chicago; Editing by Phil Berlowitz)