Alibaba Group Holding Ltd., the Chinese e-commerce giant, intends to list its shares on the New York Stock Exchange when the company debuts, according to a Bloomberg report Thursday.
The Hangzhou-based company has an estimated value of $168 billion, a valuation that would rank Alibaba behind only International Business Machines Corp. and Oracle Corp. among technology companies on the Big Board. While a spokesman could not be reached, Bloomberg noted that the plan could be marked with an official announcement as soon as Thursday.
The plan to list on the NYSE has already been deemed a blow to the Nasdaq stock market, which has been competing for what could be the biggest IPO ever listed in the U.S., according to Bloomberg. The Nasdaq has struggled to overcome the negative perception that began when Facebook’s IPO debut was bungled, setting off a domino effect of trading delays, investor confusion and the loss of millions of dollars for brokerage firms.