SHANGHAI, July 30 Alibaba.com [ALI.UL], China's
largest e-commerce company, confirmed on Monday that it is making
preparations for an initial public offering, as it seeks to raise
capital to expand its international presence.
Alibaba, which has long been rumoured as an IPO candidate, is
preparing to list its business-to-business unit in Hong Kong in
the third quarter of this year, the official China Securities
Journal reported on Monday.
"We have started preparations for an IPO," Alibaba
spokeswoman Christina Splinder said, but declined to comment on
Alibaba had filed an application with the Hong Kong Stock
Exchange for an IPO, which was expected to raise HK$7.8 billion
(US$1 billion), the newspaper added, citing unnamed sources.
The company had also chosen Goldman Sachs (GS.N) and Morgan
Stanley (MS.N) to handle the deal, the newspaper said, adding
that investment bank Rothschild was also advising Alibaba on the
($1 = HK$7.8)