HANGZHOU, Sept. 17 -- Jack Ma, expected to become China's richest man this weekend after Alibaba's initial public offering (IPO) in New York, said on Wednesday he will not emigrate.

The Alibaba founder said on the company's official microblog that he has no plans to emigrate, despite rumors spreading online that he intends to move to Hong Kong.

"I never thought I would emigrate anywhere," said Ma. "I was born in Hangzhou, studied in Hangzhou and started my business in Hangzhou."

Ma said he has always been a Hangzhou resident and he has not planned to change his status in the past, at present or in the future.

Ma started Alibaba in 1999 in Hangzhou, capital of east China's Zhejiang Province.

Alibaba is set to raise more than 20 billion U.S. dollars through its IPO, the largest ever in U.S. history.

Alibaba began its roadshow last week and kicked off its Asian roadshows in Hong Kong on Monday. The company is expected to start trading on the New York Stock Exchange as early as Friday.