Alibaba chooses to unveil IPO on NYSE
Print Edition
CHINA’S e-commerce giant Alibaba said yesterday that it will launch an initial public offering on the New York Stock Exchange later this year.
Alibaba will list on the New York bourse under the ticker “BABA,” according to an updated stock exchange filing yesterday. The Hangzhou-based company is expected to be the biggest Internet IPO since Facebook which listed on Nasdaq two years ago.
Alibaba’s profit almost tripled in the past year while revenue jumped 52 percent to 52.5 billion yuan (US$8.5 billion), according to an updated version of a prospectus it filed to the US Securities and Exchange Commission earlier this month.
Alibaba decided in March to list in the US instead of Hong Kong because the US bourse allows the company to retain a special shareholding structure that gives executives the final decision over board appointments, thereby keeping control over the company.
The company has also revealed the members of its 27-person partnership, including founder Jack Ma, Chief Financial Officer Joseph Tsai and Chief Executive Officer Jonathan Lu. The partners will have the exclusive right to nominate most of Alibaba’s nine-member board of directors.
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