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17-03-2014 | 14:51:29
Chinese e-commerce giant Alibaba picks US for IPO
Ma Yun, Alibaba (China) Co., Ltd CEO, delivers a speech in Hangzhou, capital of East China's Zhejiang Province, September 9, 2012. China's Alibaba Group closed a 7.6-billion-dollar deal with Yahoo on September 18, 2012 buying back half of the shares Yahoo Inc owned in the company. Photo: Xinhua
Chinese e-commerce giant Alibaba has decided to begin its initial public offering (IPO) process in the United States, the company announced Sunday.
The move is to "make us a more global company and enhance the company's transparency, as well as allow the company to continue to pursue our long-term vision and ideals," Alibaba said in a brief statement.
The statement did not mention the company's decision on the investment banks or stock exchange for the IPO.
However, media reports on Friday said Alibaba had decided on New York after ruling out Hong Kong and London for the IPO, while Morgan Stanley and Credit Suisse were said to be working closely with Alibaba on the listing plan.
Analysts predicted that Alibaba's IPO would raise billions of US dollars, making it the largest IPO in the US in recent years.
Showing more aggressive ambitions for international expansion, Alibaba also said that "should circumstances permit in the future, we will be constructive toward extending our public status in the China capital market in order to share our growth with the people of China."
Alibaba operates two of the nation's most popular online shopping services, Taobao and TMall. In the fiscal year ending on March 31, 2013, the two platforms' total transaction value exceeded one trillion yuan (163 billion US dollars).
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