Alibaba plans U.S. flotation

Posted Mar 16, 2014 by Tim Sandle
Chinese e-commerce giant Alibaba has announced plans for a flotation in the U.S. The aim is to extend the global reach of the tech company.
Alibaba is a privately owned Hangzhou-based group of Internet-based e-commerce businesses including business-to-business online web portals, online retail and payment services, a shopping search engine and data-centric cloud computing services. In 2012, two of Alibaba’s portals together handled 1.1 trillion yuan ($170 billion) in sales, more than competitors eBay and combined.
According to the Wall Street Journal, the company is planning for a flotation in the U.S., saying the move will make it "a more global company".
The company predicts that the listing will raise up to $15 billion. However, it has to be revealed when the initial public offering (IPO) would take place or on which exchange.
The news comes two days after another Chinese tech giant, Twitter-like service Weibo, announced plans, reported by the BBC, for a $500m U.S. listing.