US OKs Alibaba structure

Deal could be biggest tech firm debut since Facebook's IPO

Alibaba Group Holding Ltd has paved its way for a listing in the United States after both of the country's bourses are said to have given the green light to the e-commerce giant's special corporate governance structure, which derailed the company's initial public offering plan in Hong Kong.

A representative for Alibaba said on Monday that both the New York Stock Exchange and the Nasdaq had accepted the e-commerce company's special partnership structure, which would let its top executives nominate the majority of board members.