Alibaba to list on NYSE this summer
The New York Stock Exchange has emerged victorious in a battle with the Nasdaq to become later this summer.
A spokesperson for the NYSE said: “We participated in a comprehensive and deliberate exchange selection process and we are pleased to welcome Alibaba Group to the New York Stock Exchange, where they will join our network of the world’s best companies and leading brands.”
The listing comes as digures supplied by eMarketer show the type of explosive growth from which the NYSE can benefit going forward, with Chinese retail ecommerce sales set to rise by a huge 76.1 per cent this year to reach $249.38bn, which on current trends this would see China overtake the US as world’s largest ecommerce market as early as 2015.
Furthermore digital ad spending is set to increase 18.8 per cent in 2014 bringing that tally to $319.9m, representing fully 55.2 per cent of internet users and 28.1 per cent of the Chinese population.
Digital ad spending meanwhile will reach in excess of $18bn this year after posting double digit growth of 16 per cent… although this remains well behind the $50bn in digital ad spending undertaken in the US in 2014.
Shares in Alibaba could begin trading as early as August.