Total revenue increased 62 percent to 18.75 billion yuan ($3.01 billion) in October-December of 2013 from a year earlier, while net income more than doubled to 8.27 billion yuan, according to the prospectus. Some analysts say Alibaba's rapid pace of revenue growth may be unsustainable. "They got into the e-commerce space when there weren't any other players in China," said Forrester analyst Kelland Willis, adding Alibaba has been "losing market share year over year." By 2020, online retail sales in China will reach $420-$650 billion, as much as the United States, Japanese, UK, German and French markets combined, according to a recent analysis by McKinsey Global Institute.