Speculations over Alibaba filing for an IPO were put to rest when Executive Chairman Jack Ma denied any such plans at a news conference in Guangzhou, China.
Earlier media reports claimed that Alibaba’s founders Ma and Joe Tsai had chosen August 8, an auspicious date for fortune on the Chinese calendar, to enter the NY stock market.
“I saw the news on the Internet that Alibaba is targeting August 8 for its IPO. I hadn’t thought about it,” said Ma. “I really don’t know.”
Some reports were also seen quoting unnamed sources, which said that the company was using “Baba” as its ticker, since it means “eight-eight” in Chinese.
Glogou co-founder Ben Lee told the Wall Street Journal that plan made sense, and added that “Alibaba likes such fortune numbers.”
The Hangzhou based online retailer filed for an IPO in the US early May and is hoping to raise $1 billion, but might end up raising up to $20 billion, according to the Wall Street Journal.
“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More