China's Alibaba Group to Seek US Stock Market Listing
Published on: 16th Mar 2014
Note -- this news article is more than a year old.
By: Ian Mansfield
Chinese e commerce giant Alibaba has announced plans to list its shares in what could be one of the biggest floatation's since Facebook in 2012. It is also choosing to list the shares in the USA as the company seeks to expand outside its home market.
The company is expected to look to raise around USD15 billion, although the details are still very sketchy.
Alibaba did not say when the floatation would take place, or on which stock exchange, just that it would be a US located exchange.
"Alibaba Group has decided to commence the process of an initial public offering in the United States," the company said in a statement.
"This will 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."
The company had however tried to list shares in Hong Kong last year, but was blocked after it was unable to meet the stock exchange regulatory requirements.
It hasn't said how it intends to comply with the even stricter US reporting regulations.
The company added that it will "respect the viewpoints and policies of Hong Kong and will continue to pay close attention to and support the process of innovation and development of Hong Kong."
The news comes just after China's home-grown Twitter clone, Weibo also announced plans to list shares in the USA in a move expected to raise around USD500 million.