Alibaba Picks New York Stock Exchange For Its US IPO

Chinese Internet giant Alibaba Group plans to list on the New York Stock Exchange with the ticker symbol "BABA", according to an updated securities filing with the U.S. Securities and Exchange Commission submitted on June 26.

Alibaba is expected to IPO in the U.S. around early August. U.S. investment advisory firm Morningstar estimates that Alibaba IPO could value the company at US$220 billion.

In a previous filing, Alibaba disclosed its partner structure with 27 listed members, as well as nine members on the company’s board of directors, including Alibaba founder Jack Ma and former Hong Kong chief executive Tung Chee-hwa.

Alibaba is the largest e-commerce firm in China. It recorded US$270 billion total gross merchandise value on its retail platforms, with 12.7 billion annual orders and 255 million annual active buyers for the twelve months ended on March 31, 2014, according to its filings.

In fiscal year 2014, Alibaba recorded total revenue of US$8.446 billion and income from operations of US$4.009 billion, up from US$5.54 billion and US$1.73 billion in fiscal 2013.

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