Alibaba, the Chinese eCommerce giant is almost 95 percent that its IPO will be at New York, Financial Times has reported citing unnamed sources.
The company was initially planning to list at Hong Kong but has not been able to reach an agreement with the authorities in Hong Kong about the shareholding structure it wants to have. Alibaba wants to have a shareholding structure by which its founders and top managers will be able to control and nominate the board even by having 13 percent shares. Hong Kong regulators have stuck to the stance of one share one vote principle.
Alibaba has an incentive to go for an IPO before December 2015 according to its agreement with the second biggest shareholder Yahoo.
It is estimated that Alibaba IPO will be to the tune of $15 billion.