Alibaba files for $1 billion IPO in US
By Meng Jing | China Daily | Updated: 2014-05-08 06:42
E-commerce behemoth poised to maintain domination of nation's virtual marketplace, Meng Jing reports
Founded in a Hangzhou apartment in Zhejiang province 15 years ago, Jack Ma's Alibaba Group Holding Ltd has grown into a monster conglomerate, dominating one of China's most dynamic economic sectors: e-commerce.
That domination will likely continue over the next few years, despite rising challenges from local rivals, as Alibaba filed on Wednesday for what could end up being the biggest initial public offering ever seen in the United States.
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