China e-commerce giant Alibaba Group confirmed early Sunday that it plans to become a public company in the US.
Rumored to be near for months, a US IPO would "make us a more global company and enhance the company's transparency," the company said in a brief note on its Web site. The statement did not indicate which stock exchange the company would choose for its listing.
Alibaba, which controls nearly 80 percent of China's Internet shopping market, is expected to raise more than $15 billion, giving it a $130 billion valuation. That lofty target would challenge … Read more