Alibaba confirms Hong Kong IPO

Online business-to-business giant Alibaba will seek a listing on the Hong Kong Stock Exchange, Dow Jones Market Watch reported. The IPO, which had been rumored earlier, is intended for the third quarter and is expected to raise US$800 million, sources said. Goldman Sachs and Morgan Stanley, which will jointly underwrite the debut, said they would not publicly discuss details. Alibaba, one of China’s most well-known internet success stories, links Chinese manufacturers with potential customers outside of China through its web-based network. Alibaba’s choice of a Hong Kong listing runs counter to the trend of technology firms choosing to list on the NASDAQ in New York.