Chinese e-commerce giant Alibaba Group plans to go public on a U.S. stock exchange. Analysts say the company could raise as much as 15 billion dollars in the offering. That would make it the fourth largest IPO in U.S. history, trailing only General Motors, Visa and Facebook. The announcement on Sunday confirming plans for a US share sale ended months of speculation over where the company would list after talks for an initial public offering in Hong Kong fell apart last year. Alibaba is one of the world’s biggest internet companies and says more than $150bn worth of merchandise changes hands on its online platforms each year, more than Amazon and eBay combined. The company began as a service to link Chinese suppliers with retailers abroad and has branched out into retail e-commerce. It is little known abroad but has launched two consumer-oriented services in the United States. The company has been described by some as the eBay, Google, Amazon and PayPal of China, all wrapped into one. CCTV’s Shraysi Tandon reports with details.
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With Alibaba choosing to list in the U.S. instead of Hong Kong, how will that impact future listings there? CCTV’s Cathy Yang spoke to Lewis Wan at The Pride Group and Alex Wong Director at Ample Financial Group for their thoughts on Alibaba’s listing.
Follow Cathy Yang on Twitter:@Cathy__Yang