Feeds

Chinese tat bazaar Alibaba snubs Honkers, eyes up Wall St float

$70bn IPO plotting has begun in New York, say 'sources'

Beginner's guide to SSL certificates

Chinese web marketplace Alibaba reportedly looks set to field its initial public offering in the US after it failed to secure a stock exchange listing in Hong Kong.

The online-shopping powerhouse, which is headed up by Jack Ma, could float on Wall Street early next year with a price tag valued at $70bn, the Wall Street Journal reported.

No listing plan has been filed in New York, but Alibaba has engaged the services of a US law firm to work on its stateside initial public offering (IPO), the newspaper said, citing secret squirrels familiar sources.

Earlier this month, the company revealed details of its internal partnership structure, which would allow a group of founders and senior employees to keep control over the board after Alibaba goes public.

Ma told his employees about the proposal, which heaped pressure on Hong Kong to accept the structure. The Hong Kong market is not generally fond of dual-stock structures, which ensure that certain people have control of a company by giving their shares more voting power than outside investors.

It would seem that a restless Alibaba grew tired of waiting for a favourable answer from the quasi-autonomous Chinese city-state. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.