HONG KONG: China's e-commerce giant Alibaba Group Holding Ltd is planning a U.S. IPO in the third quarter of this year, people familiar with the matter told Reuters, in what is the expected to be a more than $15 billion deal.
The Hangzhou, China-based company, which controls about 80 percent of the country's e-commerce, had been in discussions with the Hong Kong stock exchange and the Securities and Futures Commission since last year about a potential listing, but the island city's regulators blocked its proposal as it violated the "one-share-one-vote principle".
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