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Web Biz Alibaba Launching Record IPO in China
Operation links buyers to Chinese manufacturers
By Colleen Barry
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Posted Oct 22, 07 4:24 AM CDT
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(Newser)
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Alibaba, the business-to-business service that links small and mid-sized Chinese manufacturers to customers around the world, is expected today to announce what will likely be the biggest Internet IPO in Chinese history. Analysts expect the world's most-visited import/export site to pull in an estimated $1.3 billion from Hong Kong investors, the Wall Street Journal reports.
Yahoo owns 39% of the company, one of the few Chinese operations with a global profile. The IPO also includes Taobao, an online auction company that surpassed eBay to become the market-share leader in China. Alibaba's expansion is clouded by the continuing crisis over Chinese-made products that are tainted or counterfeit, the Journal notes.