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. 

  • Alibaba office
    A woman stands next to a door inside the headquarters of Alibaba in Hangzhou, Zhejiang province, April 23, 2014. As Alibaba prepares for what could be the biggest tech company IPO to date, the Chinese e-commerce giant has been counselling employees on how to deal with the roughly $41 billion they could unlock through a New York listing. Picture taken April 23, 2014. Photo: REUTERS/Chance Chan
  • Alibaba's Jack Ma
    Jack Ma, chairman of China's largest e-commerce firm Alibaba Group, attends a corporate event at the company's headquarters on the outskirts of Hangzhou, Zhejiang province in this April 23, 2013, file photo. When Ma and his colleagues sat down in 2001 to lay out Alibaba's defining values, they named them after a martial arts technique drawn from Ma's love of kung fu novels and their heroic themes. But the corporate culture of China's biggest e-commerce company also draws heavily from Western values in a mix of East and West that Ma dubbed 'Hupan culture' after the apartment block in Hangzhou where he set up his business. These core values, now named the 'Six Vein Spirit Sword' - customer first, teamwork, embrace change, integrity, passion and commitment - shaped Alibaba Group Holding, which began as an online bulletin board for companies in Ma's Hupan Huayuan apartment complex in eastern China. Photo: REUTERS/Carlos Barria/Files
  • Alibaba
    The move comes at a time when Alibaba and its partners are exploring ways to expand beyond the company’s e-commerce business. Photo: Reuters