IPO Confirmed

alibaba.jpgChinese ecommerce group Alibaba has confirmed preparations for an IPO of shares will be listed on the Hong Kong Stock Exchange in the third quarter and the IPO is expected to raise HK $7.8 billion (US $1 billion). Alibaba has said that they would be using the additional capital to expand their international footprint.

The IPO will see the partial spin-off of from the Alibaba Group, the China based holding company that owns sites including Alipay, and Yahoo China.

Yahoo Inc is currently the largest shareholder of the Alibaba Group, having acquired a 40% stake in 2005.