Alibaba starts IPO procedure
According to Hong Kong East Daily, Alibaba has submitted its IPO application to Hong Kong Stock Exchange. This marks the beginning of Alibaba's IPO procedure. It's expected to be listed in October at the earliest. It's valued as between $80 billion and $100 billion. It may raise $20 billion this round. If Alibaba is listed successfully, this will be the highest fund raising company in HSE's history. There is news that Alibaba will spend $7 billion to buy back the shares owned by Yahoo.
Yahoo recently released its Q2 earning report. From the data revealed by Yahoo, Alibaba's revenue is $1.38 billion in first quarter, which increased by 71%, its net profit is $669 million, which increased by twice. While in the first quarter of 2013, Tencent's profit is $649 million and Baidu's profit is $333 million. In fact, Alibaba becomes the most profitable Internet company after Tencent and Baidu.
Also Yun Ma, chairman of Alibaba, owns around7% of Alibaba's shares. If Alibaba is valued as between $80 billion and $100 billion, then Yun Ma may ahve a wealth of $5.6 billion to $7 billion. Then it may threatens Huateng Ma's position as the richest person in China. Yesterday, Huateng Ma becomes the richest person in China with a wealth of 46.7 billion RMB(around $7.6 billion).
Source : 36 Kr