Chinese e-commerce giant Alibaba has decided to list on the New York Stock Exchange. The company will list under the symbol "BABA" and will be the largest Chinese company by far to join a US exchange. Alibaba filed for an IPO in May and is expected to go public in late summer or early fall.
The company hasn’t disclosed how many shares it plans to sell or an expected share price but estimates are for a share sale of around 15 billion US dollars. The decision to list on the NYSE is a blow to the Nasdaq, which had also been courting the Chinese company. Shares in Yahoo--which owns 22% in Alibaba, were flat in after-hours trading.