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NEWS: Alibaba announces US floatation plans

Chinese ecommerce company Alibaba Group has announced it intends to commence the process of an ‘initial public offering in the United States’, with the aim of extending the brand’s reach and enhancing transparency.

The floatation has been previously predicted by analysts and is expected to be the biggest share offering by a technology brand since Facebook’s floatation two years ago.

However, Alibaba has not released any information confirming when the initial public offering (IPO) will take place or on which exchange.

Alibaba stressed in its statement: 'Should circumstances permit in the future, we will be constructive toward extending our public status in the China capital market in order to share our growth with the people of China.

'We wish to thank those in Hong Kong who have supported Alibaba Group. We respect the viewpoints and policies of Hong Kong and will continue to pay close attention to and support the process of innovation and development of Hong Kong.'

This move comes just days after China’s popular social media site Weibo announced plans for a $500 million US floatation.