Alibaba to hold record tech IPO

Chinese e-commerce firm Alibaba has announced plans to raise up to US$1.33 billion in an initial public offering before listing on the Hong Kong Stock Exchange, according to the Wall Street Journal. The expected listing would be the largest ever by a Chinese technology firm. Yahoo, which currently owns 39% of Alibaba's parent company, Alibaba Group, said it intends to buy 8.2% of the website's shares, valued at around US$100 million. The official pricing of the IPO should be announced by October 26 and the company's listing is scheduled for November 6. Alibaba expects a net profit of US$82.6 million in 2007, an amount that would nearly triple the company's 2006 profits.