Alibaba Confirms Plans To Offer IPO In US 93
hackingbear writes "China e-commerce giant Alibaba Group confirmed early Sunday that it plans to become a public company in the US. The proposed US IPO, which is expected to raise more than $15 billion, is a bid winning over Hong Kong stock exchange, which had been competing for the offering with US stock exchanges but objected to some of Alibaba's proposed listing terms. Founded in 1999 by former English teacher Jack Ma, the Hangzhou, China company, of which Yahoo owns 24%, provides marketplace platforms that allow merchants to sell goods directly to consumers controlling 80% of Internet e-commerce market in China."
Re:"provides marketplace platforms" (Score:5, Insightful)
Translation, They have a website.
Yes, in the same sense that Amazon "has a website", except that Alibaba is far bigger than Amazon.
15 Billion for what? (Score:2, Insightful)
If they IPO in the US they will have to be held accountable to consumer protection laws. Right now the credit card companies are holding the bag for incorrect items delivered, and faulty merchandise. About 1/2 of the Items I have ordered from them have actually arrived and 1/2 were actually the product I ordered. I ordered 16 186500 batteries once and received 64 AA batteries. I charged back the order with my credit card company.
Re:The group's Board of Directors (Score:2, Insightful)
I guess those HK guys have a thing or two left to learn about how real capitalism works.
Are you referring to the kind of Capitalism we saw with Facebooks IPO? Stellar example indeed! A model in corruption is not something to boast about.