Alibaba to be Listed On The New York Stock Exchange.
Chinese e-commerce giant company Alibaba has recently confirmed that it shall float on the New York Stock Exchange later within the year, rather than on its rival stock market the Nasdaq.
Alibaba had previously announced months ago that it shall pursue an initial public offering and would be floating in the US by the end of the year, but the firm has not stated which it index it has selected.
This represents a coup for the New York Stock Exchange, with Alibaba flotation is being anticipated as one of the biggest to have ever taken in the US for the past couple of years.
The e-commerce business have been growing quickly over the past few years as the company took the advantage of China’s fast expanding middle classes, who have a strong demand for luxury items. in spite of the concerns from certain quarter that the Chinese economy could be heading towards a slowdown, Alibaba performance has been holding up quite well in recent months.
Alibaba’s flotation is expected to confirm the company’s position as one of the world’s leading e-commerce businesses and the firm has already offered an indication that it could be moved into a variety of different sectors during the coming months. Earling within the month, Alibaba confirmed the purchase for a total of 1.2 billion yuan investment into Guangzhou Evergrande Football club, which is one of the leading teams in Asia.
“We participated in a comprehensive and deliberate exchange selection process, and we are pleased to welcome Alibaba Group to the New York Stock Exchange,” a spokesman for the stock market said.
Analysis have gone off and predicted that the listing would be worth at least as much as $2o billion, which would cement Alibaba’s position as a company a company to keep a close eye on for investors.
The Nasdaq was the New York Stock Exchange’s main rival for Alibaba’s flotation and missing out on the firm shall be another blow for the former index. Technology stocks are being contested even more hotly by the two main US indexes and Twitter chose the New York Stock Exchange for its recent flotation. providing boost to the latter market.