HANGZHOU, March 16 (Xinhua) -- Chinese e-commerce giant Alibaba has decided to begin its initial public offering (IPO) process in the United States, the company announced Sunday.
The move is to "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," Alibaba said in a brief statement.
On Friday, media reports said Alibaba had decided on New York after ruling out Hong Kong and London for the IPO.
It predicted that Alibaba's IPO would raise billions of U.S. dollars, making it the largest IPO in the U.S. in recent years.
Alibaba operates two of the nation's most popular online shopping services, Taobao and TMall. In the fiscal year ending on March 31, 2013, the two platforms' total transaction value exceeded one trillion yuan (163 billion U.S. dollars).
Alibaba takes control of HK-listed ChinaVision
BEIJING, March 11 (Xinhua) -- China's largest e-commerce company Alibaba has agreed to buy a controlling stake in the Hong Kong-listed ChinaVision Media Group Limited, the latter said in a statement Tuesday. Full story
Yu'ebao boosts capital supply for economy: report
BEIJING, March 10 (Xinhua) -- Yu'ebao, a popular online wealth management product, will help boost funds available for China's real economy, instead of raising financing costs, an official report showed on Monday.
The product has served as a way of collecting small amounts of money from customers, according to a report filed to Xinhua by the Ali Small and Micro Financial Service Group, a branch of e-commerce firm Alibaba in charge of the service. Full story
China to promote healthy development of Internet finance
BEIJING, March 5 (Xinhua) -- China will promote the healthy development of its burgeoning Internet finance, according to a government work report delivered by Premier Li Keqiang on Wednesday.
"We will promote the healthy development of Internet banking," Li said at the opening of the annual session of the National People's Congress (NPC), China's top legislature. This is the first time that Internet finance has been written into the government work report. Full story
Sina Weibo mulling IPO "relatively soon"
BEIJING, Feb. 25 (Xinhua) -- Sina Weibo, China's version of Twitter, is planning a stock market listing in New York "relatively soon", a source told Xinhua on Tuesday.
The initial public offering, which will look to raise about 500 million U.S. dollars, is scheduled to happen in the first half of the year, possibly in May, added the source on condition of anonymity.Full story