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China’s Alibaba to begin IPO in US
March 16, 2014, 9:35 am's headquarters in Hangzhou, Zhejiang Province, China [Getty Images]’s headquarters in Hangzhou, Zhejiang Province, China [Getty Images]

Chinese e-commerce giant Alibaba has decided to commence the process of initial public offerings (IPO) in the United States, the company announced Sunday.

Alibaba operates two of China’s most popular online shopping services, Taobao and TMall.

“This will make us a more global company and enhance the company’s transparency, as well as allow the company to continue to pursue our long-term vision and ideals.  Should circumstances permit in the future, we will be constructive toward extending our public status in the China capital market in order to share our growth with the people of China,” said a statement from Alibaba.

“We wish to thank those in Hong Kong who have supported Alibaba Group.  We respect the viewpoints and policies of Hong Kong and will continue to pay close attention to and support the process of innovation and development of Hong Kong,” added the statement.

In the fiscal year ending on March 31, 2013, the two platforms’ total transaction value exceeded one trillion yuan ($163 billion).


Source: Agencies