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 BEIJING (AP) - Chinese e-commerce giant Alibaba Group said Monday it is moving toward a long-anticipated initial public offering, with plans to sell shares of its business-to-business unit in Hong Kong.
Alibaba, founded in 1999, has thrived amid China's export boom by helping to match foreign customers and Chinese suppliers of goods ranging from toys to industrial raw materials. Its success has made founder Jack Ma one of China's most prominent business celebrities.
"Alibaba has taken the first steps toward an IPO of its B-to-B business," said Porter Erisman, an Alibaba spokesman. He declined to give any details of the planned size or timing of an IPO.
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