Times of Oman
Price in RO
24ct / gm
22ct / gm
Forex Rates vs R01
Back to Homepage
Alibaba confirms preparation for US listing
March 16, 2014 , 2 : 30 pm GST
SAVE THIS ARTICLE
An employee walks past a logo of Alibaba Group at its headquarters on the outskirts of Hangzhou, Zhejiang province, in this May 17, 2010 file photo
Chinese e-commerce giant Alibaba confirmed Sunday it plans to list in the United States after ruling out Hong Kong and London.
"Alibaba Group has decided to commence the process of an initial public offering in the United States. 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 said in a statement, confirming recent media reports.
Analysts say the listing is expected to raise about $10 billion, which would make it the technology industry's largest IPO since Facebook's in 2012.
Talks between the world's largest online retailer and the Hong Kong Stock Exchange broke down last year, in part because the city's listing rules prevented Alibaba founder Jack Ma and senior management retaining some control over the board of directors.
Alibaba wanted an alternative class share structure to give selected minority shareholders extra control over the board, but the Hong Kong bourse declined to change its rules.
"We 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 statement said.
"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."
The Wall Street Journal has reported that Alibaba could launch its IPO as soon as April, which could allow trading to begin by the third quarter.
The report said up to five banks may be given lead underwriting roles.
Alibaba operates China's most popular e-shopping platform, Taobao, which has more than 90 percent of the online market for consumer-to-consumer transactions.
Taobao has more than 800 million product listings and over 500 million users.
Rate this Article
Rates : 0, Average : 0
Post a Comment
Did you like this section? Leave a comment!
Your Name :
Your Email Address :
Your Comment :
Enter Image Text:
No Comments Posted
Latest in this section
Indie game developers sprouting at Tokyo Game Show
Amazon unveils new Fire tablets and Kindle e-readers
Apple rolls out iOS 8 to iPhone users; bug delays HealthKit availability
Early reviews heap praise on big-screen iPhone 6
Apple iPhone 6 pre-orders hit record 4 million on first day
TOP RATED ARTICLES
Single red light violation can land you in jail, says Royal Oman Plice official
Fahad Al Ghadani
Dr Sheikha, Oman's State Council member among Forbes’ 200 Powerful Arab Women
Times News Service
All in the name of love
Not all marriages are made in heaven
SALEH AL SHAIBANY
Lebanese artist finds inspiration in Oman
More in News
It's Different! Discovering pop legend Michael Jackson's popularity in rural India
High-end 'micro-flats' latest trend for Hong Kong home buyers
Bucharest 'khans' reborn after decades of neglect
More than just a moustache - Adolf Hitler vs Charlie Chaplin
Urban gardens greening Berlin rooftops, airfield
More in Features
Oman’s conclusive reality — towards regression or triumph?
Being introvert isn’t a flaw of character
Of crime, bias and statistics
The forgotten soldiers of the Great War
Barack Obama’s ‘messy’ words
More in Columns
Copyright © 2012 Muscat Press & Publishing House SAOC. All rights reserved. Times of Oman is not responsible for the content of external internet sites.
For reprint rights contact:
TOO Online Editorial