NYSE leads race for Alibaba IPO

The New York Stock Exchange is leading the race to hold Alibaba’s IPO, The Wall Street Journal reported, in what could be a blow to its New York-based rival NASDAQ. Although the final deal is yet unsigned, the Chinese e-commerce giant has indicated its preference for NYSE. Analysts suggest Alibaba’s IPO could tip the balance towards NYSE, in their competition to attract other tech IPOs. NASDAQ had lost its preeminence as the venue for tech IPOs, after mangling Facebook’s IPO and issues with stuttering software. Like Alibaba, Chinese internet company Weibo hasn’t announced which US stock exchange will host its IPO.