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Alibaba Group, China’s online commerce giant, confirmed Sunday that it plans to begin the process of becoming a public company in the United States.
In a post on its corporate blog, the company said it aims to be listed on a US stock market to become “a more global company.”
The blog post highlights that the company is on its way toward setting up its long-awaited initial public offering, one that could set records as the biggest ever. Among China’s burgeoning contingent of Internet titans, Alibaba is unique — part eBay, part Google, part PayPal.
Its IPO could eventually raise more than the $16 billion Facebook reaped in its public debut nearly two years ago. Analysts speculate that the company could fetch a valuation well north of $130 billion.