Wall Street, start your engines: After months of anticipation, the biggest tech IPO of the year-and perhaps of all time-has finally arrived. Today Alibaba, the Hangzhou-based e-commerce company that dwarfs rivals like Amazon and eBay, filed for an initial public offering in New York. The Chinese tech giant hopes to raise upwards of $15 billion on a valuation of $200 billion or more, which would place it in the same league as U.S.-based tech leaders like Google and Facebook. The event marks a tipping point for Chinas economy as it matures beyond manufacturing and serves as a harbinger of the increasingly global nature of the sectors in which Alibaba operates, from retail to payments. It also has significant implications for Yahoo, which has struggled to grow outside of its 24% stake. Join Fast Companys Ainsley OConnell as we compile new developments and commentary.
Posted on: Tue, 06 May 2014 23:17:40 +0000
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