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Alibaba plans spin-off for U.S. listing - IFR
HONG KONG, June 15 |
HONG KONG, June 15 (Reuters) - Alibaba.com 1688.HK, China's largest e-commerce company, plans to spin off its web hosting business for a listing in the United States to raise about $200 million to $300 million, IFR said on Wednesday.
The spin-off will mainly comprise HiChina, an internet application services provider in China that Alibaba bought over a year ago, IFR, a Thomson Reuters publication said.
The company is in talks with banks on the proposed spin-off, it said without citing sources.
HiChina provides comprehensive internet application services to enterprises, including domain registration, hosting, enterprise e-mail systems, enterprise website creation and management, and consultation in e-commerce applications. [ID:nTOE64A01Q] (Reporting by Fiona Lau; Writing by Lee Chyen Yee; Editing by Jon Loades-Carter)
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