Chinese E-commerce Site Alibaba Readies For Hong Kong IPO

Chinese e-commerce company Alibaba has submitted its application to float on the Hong Kong stock market in an IPO expected to raise HK $7.8 billion (US $1 billion), China Securities Journal reported. The deal is being managed by Goldman Sachs and Morgan Stanley. It was first rumored last month that Alibaba would seek to float in the Far East, rather than ape its siblings Sina, Sohu and Baidu in listing on the Nasdaq, with the reluctance to float in the U.S. said to be down to tighter American financial laws and higher costs. According to CSJ, CEO Jack Ma confirmed the filing at the annual meeting this past weekend.
Yahoo has a 40 percent stake in the Yahoo China joint venture run jointly with Hangzhou-based Alibaba Group, but it is the B2B division, incorporating the main site, that is being floated. Alibaba did not officially comment on the timing or the anticipated amounts. (Via Reuters).