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Yahoo (NSDQ: YHOO) will subscribe for 10 percent of the shares to be sold by China’s largest e-commerce company, Alibaba.com, reports Reuters. The IPO will be on the Hong Kong market, and is expected to raise about $1 billion. It will sell 858.9 million shares, or 17 percent of its B2B unit’s enlarged share capital, in the IPO.
Of the shares to be sold, 75 percent are earmarked for global investors, 15 percent for Hong Kong retail investors, and 10 percent for Yahoo, which already owns about 40 percent of Alibaba from the previous Alibaba-Yahoo China transaction two years ago.
AFP: If successful, it would become the largest for a Chinese Internet company, overtaking domestic peer Hong Kong-listed Tencent, analysts said.