(Adds details on U.S. listings, NYSE's comment)
SAN FRANCISCO/NEW YORK, June 26 Chinese
e-commerce company Alibaba Group Holding Ltd IPO-ALIB.N has
decided to list on the New York Stock Exchange, it said on
Thursday, dealing a blow to the rival Nasdaq bourse.
Alibaba, which handles more than 80 percent of online retail
transactions in the world's second-largest economy, will list
under the symbol "BABA," the company said in an updated initial
public offering prospectus.
The Chinese company is expected to make its debut this
summer in what could be the largest U.S. tech IPO. It is
expected to eclipse Facebook Inc's $15 billion initial
share sale in 2012.
Alibaba would be the largest Chinese company to list on U.S.
exchanges by far, with an estimated valuation north of $200
billion. Securing its debut marks a major victory for the New
York Stock Exchange, which was acquired by
IntercontinentalExchange Inc for $11 billion in
"We participated in a comprehensive and deliberate exchange
selection process, and we are pleased to welcome Alibaba Group
to the New York Stock Exchange," an NYSE spokesman said.
The two U.S. exchanges compete fiercely for new listings.
Nasdaq had easily scored the most tech IPOs every year from 1999
until 2012, when NYSE had as many, according to Thomson Reuters
data. The NYSE pulled ahead last year, and it won the most
coveted tech debut of the year, Twitter Inc.
The reversal has been attributed partly to Nasdaq's
high-profile bungling of Facebook's market debut in 2012 and
partly to changes NYSE made to its listing standards in 2008 to
make it easier for smaller, growing companies to qualify.
Nasdaq, meanwhile, has made inroads against NYSE on
blue-chip listings, with wins in recent years such as Kraft
Foods Group Inc and Texas Instruments Inc.
The NYSE, however, led the Nasdaq in terms of overall
listings in the first half of this year, the busiest period for
stock debuts since 2011. The NYSE accounted for $19.8 billion of
U.S. IPO proceeds, or 61 percent of the total.
(Reporting by San Francisco Newsroom and John McCrank in New
York; Editing by James Dalgleish and Lisa Von Ahn)