YHOO: Alibaba heads for U.S. IPO after HK negotiations stall - report

Alibaba heads for U.S. IPO after HK negotiations stall - report • 2:50 AM

• Alibaba reportedly plans to carry out its blockbuster IPO in the U.S. after negotiations with the Hong Kong stock exchange broke down over the e-commerce giant's demand that its "partners" - a group of founders and senior managers - maintain control over the composition of the board.
• Listing in New York would allow the partners to keep their grip of the company due to the possibility of creating a dual-class structure where one set of shares provides more voting rights than another.
• Alibaba has hired U.S. law firms to start working on the listing and intends to soon appoint banks.
• The IPO could raise an estimated HK$100B ($12.9B) and value Alibaba at up to $120B. That would be a boon to Yahoo (YHOO) and Softbank (SFTBF.PK), which own 24% and 35% respectively.

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