Alibaba Group, China's largest e-commerce company, might be passing up the Hong Kong Exchange in favor of going public in the US.
According to a Bloomberg report Wednesday that cited people who claim to have knowledge of company plans, Alibaba is in talks with US law firms to start the process of going public in the States. The company likely will choose the New York Stock Exchange if it follows through on its plans.
According to Bloomberg, Alibaba founder Jack Ma wanted to have dual shareholder voting classes to solidify his control over the company. The Hong Kong Exchange, however, doesn't allow for such an arrangement. The NYSE does.
Alibaba has yet to make a final decision on the matter, according to Bloomberg's sources, but it could appoint underwriters and start the process of going public in the US by the end of 2013.