Chinese Internet giant 'Alibaba' planning New York IPO

Chinese Internet giant Alibaba has planned for Initial Public Offerings (IPO) in New York, but not in its home market.

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The Wall Street Journal anticipated in August that Alibaba's IPO could be one of the largest Internet offerings till date, valuing the company more than 75 billion dollars, which will be slightly bigger than eBay and more than twice as large as Yahoo.

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The company's executive chairman, Jack Ma, has sought to keep control of the company firmly with its founders, following in the footsteps of Facebook and Google, New York Times reports.

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Alibaba wanted a dual-class arrangement, the report added.

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However, the rules of the Hong Kong Stock Exchange prohibit dual-class shareholding, in which mostly the company's founders enjoy disproportionate control over a publicly traded company.