Jack Ma, founder and CEO of Alibaba, has for the first time confirmed to Alibaba employees at the company's annual meeting that Alibaba's B2B business will initiate its IPO procedure in Hong Kong.

Ma said that Alibaba has already submitted an application to Hong Kong Joint Stock Exchange Market. For a long time there had been a rumor about Alibaba's IPO plans, but all this had not been formally confirmed by Alibaba until July when Alibaba appointed consultants for its listing and hired Maggie Wu, a partner at KPMG, as senior vice president and chief financial officer of the B2B company.

Alibaba reportedly will raise about HK$7.8 billion through this IPO, and use the money for its global expansion and B2B platform improvements.

7 COMMENTS

  1. Aaah! How can I get the Alibaba IPO details? I want to cash in on this one! Do you have any other information about Alibaba or the company's background?? Why so damn difficult to find out about these Chinese Internet companies!!!??

  2. What about Global Sources though as a counter-lever to Alibaba? Global Sources is already listed overseas and seems much older and more stabler than Alibaba. Alibaba is really only known in China and is only online and only is making LESS THAN USD80 million this year!! That is not a lot! Meanwhile Global Sources MAKES LOTS MORE MONEY, and is BOTH an OFFLINE and an ONLINE company. Furthermore because Global Sources is not only in Chian but in other Asian places, it seems better able to withstand any sort of Chinese crackdowns on the Internet.

    You Ask why you have not seen much background on Alibaba, well I can say that they are a typical Chinese company that doesn't do good PR and marketing to the investors it wants to attract. Why buy Alibaba anyway and just go for all the other better companies!

  3. Global Source – Best way to play Alibaba for all of you that cant get the shares. Seriously, you should check out the ipoideasandbeyond.blogspot.com blog.

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