Alibaba Group Said to Raise $21.8 Billion in Record U.S. IPO - Bloomberg The
sale, which values Alibaba at $167.6 billion, is already the largest by
any company in the U.S., and has the potential to break the global
record -- currently held by Agricultural Bank of China Ltd.’s $22
billion IPO in 2010 -- if underwriters issue more shares.
Related: Jack Ma Planning Personal Roadshow With Clinton to Immelt - Bloomberg Starting
with a private lunch tomorrow, after Alibaba Group Holding Ltd.’s
trading debut in one of the largest initial public offerings ever,
founder and Chairman Ma is slated to meet with more than 20 high-profile
CEOs from General Electric Co. to BlackRock Inc. and the founder of KKR
& Co. Later, he’ll head to a reception at New York restaurant
Cipriani with investors and members of the media, according to people
with knowledge of the events. Next week, he’ll attend the Clinton Global
Initiative, to meet the political crowd...The lunch will be hosted by
Michael Bloomberg, founder of Bloomberg LP, the parent of Bloomberg
News.
Related: Alibaba, With Its I.P.O., Mints Millionaires and Risk-Takers - NYTimes.com The
initial public offering on Thursday, which valued Alibaba at $168
billion, will provide Silicon Valley-style payouts. At Alibaba and its
affiliates, around 6,000 current and former employees owned stock worth
nearly $8 billion before the I.P.O. And that sum represents only a piece
of the shares doled out over the years to employees, some of whom
cashed out earlier at lower, albeit still lucrative, prices.
Related: Alibaba’s New Campus Sets Up for a Big Party - NYTimes.com On
Friday, the day of its listing, it finally has a fake that will inspire
pride: A re-creation of the famed facade of the New York Stock
Exchange. The structure, which has been put up in the main courtyard of
the company’s new campus in the eastern Chinese city of Hangzhou, will
serve as the center of festivities Friday evening local time, when the
company lists in New York.
Related: Dude, where are my socks? | the Anthill A
few months ago I interviewed a young couple who ran a Taobao store from
their flat in Yanjiao, a far-out district of Beijing. Their store is
called Box Tie-Dye and they sell tie-dye clothes, which means tshirts,
vests, tank tops and the like, hand-dyed in trippy colours. They dye the
clothes themselves, in their sink. It's all very hippie, and so not
super representative of the Taobao ecosystem (electronics from Shenzhen
is more the norm), but interesting nonetheless. Instead of writing it up
straight, I figured I would place an order with them – for a single
pair of socks – and then journal what happens to that order from the
click of my mouse to the moment it arrives at my door.
Related: A US pothole on Alibaba’s road to global domination | New York Post “They
would have to clean up the farm to be accredited with us. They have a
lot of work to do,” said Steve McFarland, CEO of the Better Business
Bureau’s Silicon Valley arm. The trade group has given Alibaba a big,
fat “F” for failing to respond to 79 complaints in the last three years,
nearly half of the 144 lodged against it, according to McFarland. The
complaints — lodged against Alibaba.com, the company’s wholesale web
site for businesses, along with AliExpress, its factory-direct web site
for consumers — focus on fake goods, delivery issues and false
advertising by sellers.
Related: After Years of Dominance, UnionPay's Enemies Arrive at the Gates - Caixin Alipay
and companies like it handle payments through their own network formed
by separate clearing agreements with banks, circumventing UnionPay's
system. UnionPay says the operations violate regulations and it wants
compensation. Neither party has given ground. The central bank has
leaned toward requiring all payments be routed through UnionPay's
network over risk concerns. But its move has been criticized for
favoring UnionPay and reinforcing its monopoly. The situation may be
about to change. Sources close to the situation said the central bank
has filed a proposal to the State Council, the country's cabinet, for
setting up standards and rules for a range of payment-related issues,
including establishing a new bank card organization.
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