Feeds

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

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

Providing a secure and efficient Helpdesk

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
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Spies, avert eyes! Tim Berners-Lee demands a UK digital bill of rights
Lobbies tetchy MPs 'to end indiscriminate online surveillance'
How the FLAC do I tell MP3s from lossless audio?
Can you hear the difference? Can anyone?
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
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?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.