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Alibaba plans to list shares on NYSE

2014-06-27 07:53 Xinhua Web Editor: Qin Dexing

Chinese e-commerce giant Alibaba Group Holding Limited said Wednesday in a file to the U.S. Securities and Exchange Commission (SEC) that it plans to list its shares on the New York Stock Exchange (NYSE).

"We will apply for listing of our ADSs (American Depositary Shares) on the New York Stock Exchange under the symbol 'BABA,'" the company announced in the file. It failed to disclose the exact date of its initial public offering (IPO).

NYSE spokesperson told Xinhua in an email that "we participated in a comprehensive and deliberate exchange selection process and we are pleased to welcome Alibaba Group to the New York Stock Exchange where they will join our network of the world's best companies and leading brands."

The NYSE and the Nasdaq have been competing to become the venue for Alibaba's IPO, which is expected to be one of the largest stock listings in the U.S. history.

Alibaba filed with the SEC for approval of its IPO in May, naming Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley and Citigroup as its underwriters.

The company filed an amendment to its prospectus on June 16, in which it released sales figures and a list of the 27-member partnership that will control its board.

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