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Alibaba to seek overseas IPO this year, according to Web site

Alibaba to seek overseas IPO this year, according to Web site

Chinese Internet company Alibaba.com Corp is planning an initial public offering in New York or Hong Kong this year for one of its business units, a Chinese financial Web site said yesterday.
Alibaba, which is part-owned by Yahoo! Inc, plans to list its core business-to-business operation that helps match suppliers in China and elsewhere with purchasers over the Internet, the China Financial Online Web site said.
The company, which hopes to list this year, is seeking up to 7.8 billion yuan (US$1 billion) in the listing, it said. The other units of the company would not be a part of the offering, it added.
The Web site cited a Wall Street Journal report earlier this week that said Alibaba last month selected Goldman Sachs and Morgan Stanley to be lead underwriters for the offering.
Officials at the company were unavailable for comment on yesterday due to China's week-long May Day holiday.
Earlier this year, Alibaba's chairman Jack Ma said the company was ready to list, but he gave no timetable.
"We are very ready (for an IPO) compared with other dot-com companies," Ma said, "however, there is no schedule yet ... we should find the right time."
He noted the firm's current focus is to build up a strong team, and make its companies more profitable.
In August 2005, Yahoo invested one billion U.S. dollars for a 40 percent stake in Alibaba, which also agreed to run the Chinese operations of the U.S. Internet giant.


Updated : 2021-01-25 23:01 GMT+08:00