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China's Alibaba picks Hong Kong over New York for 1 bln usd IPO - report


Published : Mon, 18 Jun 2007 01:21
By : Agencies
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BEIJING (XFN-ASIA) - Chinese Internet company Alibaba.com Corp has opted for a Hong Kong listing later this year rather than sell shares in New York in a deal that could be worth up to 1 bln usd, the South China Morning Post reported, citing unnamed sources.

A decision by Alibaba founder Jack Ma to bring to Hong Kong what could be the biggest initial public offering for a Chinese Internet firm breaks a trend set by other leading players in the sector, which have listed or are seeking a listing on Nasdaq, the Hong Kong newspaper added.

Goldman Sachs and Morgan Stanley are arranging the share sale.

andrew.pasek@xinhuafinance.com

ap/mas

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