China's Alibaba to seek overseas IPO this year, website says

0 Comments | AFP, May, 2007

BEIJING (AFP) — Chinese Internet company Alibaba.com Corp is planning an initial public offering in New York or Hong Kong this year for one of its business units, a Chinese financial website said Wednesday.

Alibaba, which is part-owned by Yahoo! Inc, plans to list its core business-to-business operation that helps match suppliers in China and elsewhere with purchasers over the Internet, the China Financial Online website said.

The company, which hopes to list this year, is seeking up to 7.8 billion yuan (one billion dollars) in the listing, it said. The other units of the company would not be a part of the offering, it added.

The website cited a Wall Street Journal report earlier this week that said Alibaba last month selected Goldman Sachs and Morgan...