Alibaba hires Credit Suisse, Goldman for IPO

Alibaba Group Holdings Ltd, China's biggest e-commerce company, is reported on Bloomberg to have hired Credit Suisse Group AG and Goldman Sachs Group Inc to arrange an initial public offering, which could raise $3 billion to 4 billion in Hong Kong this year.

John Spelich, a Hong Kong-based spokesman for Alibaba, declined to comment on the report, which quoted sources close to the company.

Alibaba agreed last May to buy back about half of Yahoo's 40 percent stake in the Hangzhou-based company for about $7.1 billion. Yahoo acquired the shares in 2005 in exchange for $1 billion and ownership of Yahoo's Chinese operations.

We recommend:
Online turnover surpasses 1 trillion yuan in 2012	Jack Ma to step down as Alibaba CEO	FDI sees 1st decrease in 9 years amid slowdown
China helps drive Rolls to record year	Top Ten Economic Events in 2012	CIC seeks balanced portfolio