Chinese e-commerce giant Albaba filed plans to go public in the United States
America’s acceptance of China
The company said it plans to raise $1 billion. Analysts expect Alibaba’s IPO to go beyond that of Facebook, with high hopes to become the largest tech stock debut in history.
Alibaba’s regulatory filing was short on specifics regarding the public share sale, even its choice of US exchange.
Still, the filing with the Securities and Exchange Commission did shed light on the company’s notable growth in the market.
It is the first move in what is expected to be a long process before stock listing.
Dominating online commerce
Established by Jack Ma 15 years go, Alibaba is now the biggest Internet retailer in China. It is a mashup of businesses, essentially PayPal, Amazon, and eBay combined into one.
With more than 20,000 employees and 7,000 engineering and data departments, Alibaba has long been the dominant force in online selling in China.