Alibaba: IPO plan remains unconfirmed

Chinese e-commerce giant Alibaba said on Saturday it has not decided on the investment banks or stock exchange for its initial public offerings (IPO). The company said it would not provide a timetable for its IPO, a public relations official at Alibaba, who wished to remain anonymous, told Xinhua. The response came after media reports Friday saying Alibaba had decided on New York after ruling out Hong Kong and London for the IPO. Alibaba operates two of the nation's most popular online shopping services, namely Taobao and TMall. In the fiscal year ending on March 31, 2013, the two platforms' total transaction value exceeded one trillion yuan (163 billion U.S. dollars).