Asian tech companies' market caps have grown significantly this year as the tech cycle turned up and investors began pricing in economic recoveries, factors that moved the market capitalization of Chinese internet giant Alibaba Group Holding to well over $500 billion.

With recession fears having been dispelled and lower interest rates prevailing globally, analysts say equities will attract more investments next year and that the valuations of Asia's leading tech companies could reach higher.

The Nikkei Asian Review compared Asian companies' market caps as of Dec. 20 with where they were at the end of 2018 in dollar terms.

New York-listed Alibaba's market value grew to $570 billion in that period, making the company Asia's No. 1 by that measure for the first time since it listed in 2014. Globally, Alibaba had the seventh highest valuation between Facebook ($588 billion) and Berkshire Hathaway ($554 billion).