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| Alibaba seeks to raise $1bn in public share sale in US | Alibaba seeks to raise $1bn in public share sale in US |
| (35 minutes later) | |
| Chinese internet giant Alibaba is seeking to raise $1bn (£589m) in a public share sale in the US, according to documents with US regulators. | |
| However, that figure is an estimate that could change as the firm gauges interest from investors. | |
| Founded 15 years ago by Jack Ma, the firm is now the biggest internet retailer in China. | Founded 15 years ago by Jack Ma, the firm is now the biggest internet retailer in China. |
| Analysts expect it will top Facebook's share sale to become the largest technology stock debut in history. | Analysts expect it will top Facebook's share sale to become the largest technology stock debut in history. |
| In its filing, Alibaba did not reveal its choice of US exchange - the Nasdaq or the New York Stock Exchange. | In its filing, Alibaba did not reveal its choice of US exchange - the Nasdaq or the New York Stock Exchange. |
| The filing with the Securities and Exchange Commission is just the first step in what is expected to be a months-long process before Alibaba's stock listing. | |
| A first look | |
| Alibaba is essentially PayPal, Amazon, and eBay combined into one, and it has long been the dominant force in internet commerce in China. | |
| However, the filing is the first look many analysts and investors will have into Alibaba's accounts, despite its 15-year history. | |
| The document reveals that last year, the value of all merchandise sold on Alibaba's various platforms was $248bn, with more than 11.3 billion orders placed. | |
| The firm had 20,884 employees as of 31 December, with more than 7,000 in engineering and data departments. |