Alibaba is prepared to shun US markets and pursue its highly anticipated listing solely in Hong Kong, dealing a blow to global exchanges keen to host what is likely to be the biggest initial public offering this year.
China’s biggest ecommerce company is expected to list at the earliest in the final quarter of this year and could be valued at $60bn-$70bn.
The company said that it had not yet appointed banks to run the listing process and has made no final decision on its listing venue.
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