China's biggest online retailer, the Alibaba Group, reportedly has decided it will not launch its Initial Public Offering on the Hong Kong stock exchange. Instead, it wants to bring the IPO to New York. Alibaba processed $170 billion in transactions last year — more than Amazon and eBay combined.
STEVE INSKEEP, HOST:
Our business news starts with the Chinese company that wants to come to New York.
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INSKEEP: The story of China's biggest online retailer, the Alibaba Group, which decided today it will not launch its initial public offering on the Hong Kong stock exchange. Instead, it wants to bring this IPO to New York. Alibaba processed $170 billion in transactions last year - more than Amazon and eBay combined.
The Wall Street Journal reports Alibaba's stock market debut at $70 billion, which would make it the tech industry's largest IPO since Facebook.
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