Alibaba Confirms Plans To Launch IPO In US

Alibaba Group Holdings will to launch its IPO process in the U.S., skipping the Hong Kong stock exchange. China’s Internet retail market leader’s move is a blow to the Hong Kong stock exchange which was initially the company’s preferred venue for the IPO. Preferred U.S. listing In a statement Sunday, Alibaba said it had decided to begin the U.S. IPO process, ending months of speculation about where it would go public. The Chinese retail giant had been in discussions with the Hong Kong stock exchange and the Securities and Futures Commission since last year about a listing. However, the island…