Alibaba confirms US listing preparations

HONG KONG: Chinese e-commerce giant Alibaba confirmed on Sunday it plans to list in the United States after ruling out Hong Kong and London.

“Alibaba Group has decided to commence the process of an initial public offering in the United States. 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,” the company said in a statement, confirming recent media reports.