Alibaba confirms rumors of U.S. IPO

Chinese e-commerce giant Alibaba Group on Sunday announced its plans to make a public stock offering in the US, an event that could set a record for the US IPO of a Chinese company. The Hangzhou, China, company said in a brief statement that it 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 Alibaba Group, China’s online commerce giant, confirmed early on Sunday that it planned to begin the process of becoming a public company in the United States. In a post on its corporate blog, the company said it planned to list on an American stock market to become “a more global company.” The short blog post formally highlights that the company is on its way toward setting up its long-awaited initial public offering, one that could set records as the biggest ever. Among China’s burgeoning contingent of Internet titans, Alibaba is unique — part eBay, part Google, part PayPal. Its I.P.O. could eventually raise more than the $16 billion that Facebook reaped in its public debut nearly two years ago. Analysts speculate that the company could fetch a valuation well north of $130 billion.