Alibaba files for US IPO

Alibaba Group officially filed for an IPO in the US, a listing anticipated to be one of the largest stock offerings in history, The Wall Street Journal reported, citing filing documents released on Tuesday. The Chinese e-commerce giant valued itself at roughly US$109 billion in April. The filing showed that Alibaba is growing quickly and is very profitable, with revenue climbing 57% in the final nine months of last year. Alibaba said on Tuesday that it plans to raise US$1 billion, although sources have said it could raise more than US$20 billion in the deal, which isn’t expected at least until summer.