Plans IPO: Report

Chinese B2B site is planning to go public later this year in an IPO which could raise $1 billion, reports the New York Times. Three Wall Street investment banks, Goldman Sachs, Morgan Stanley and Deutsche Bank, are advising Alibaba on the IPO which is likely to be offered overseas, probably in Hong Kong or New York. Yahoo owns 40 percent of the Alibaba Group, for which it paid $1 billion in cash in 2005 and handed over its Chinese operations.

This IPO will only be for, which lets businesses from around the world find each other and buy and sell goods, other divisions such as online marketplace and the Yahoo China operations will remain part of the privately controlled Alibaba Group.