Alibaba to seek U.S. IPO after Hong Kong talks break down-sources
HONG KONG, Sept 25
HONG KONG, Sept 25 (Reuters) - Chinese e-commerce company Alibaba Group Holding Ltd has decided to hold an initial public offering in New York after talks with Hong Kong regulators broke down over a listing in the Asian financial hub, two sources familiar with the discussions said on Wednesday.
"We've come to the end of dialogue with Hong Kong and we're pivoting to the U.S. to start the listing process," a company source familiar with the discussions said.
Alibaba has engaged U.S. law firms to start working on its IPO and will soon be hiring banks to manage the listing, added the company source, who was not authorized to speak publicly on the matter.
Officials at Alibaba and the Hong Kong stock exchange declined to comment.
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