Bloomberg News

Alibaba Plans to Spin Off HiChina Group, List Stock in U.S.

September 25, 2011

(Adds original acquisition price in third paragraph.)

Sept. 26 (Bloomberg) -- Alibaba.com Ltd., the business-to- business marketplace operator owned by China’s biggest e- commerce company, plans to list its HiChina Group Ltd. domain- name service unit in the U.S.

Alibaba has submitted its proposal to the exchange, the company said in a statement to the Hong Kong stock exchange today. Details including the size, structure and price of the listing are yet to be decided, according to the statement.

Alibaba bought 85 percent of HiChina in 2009 for about $79 million. HiChina, which provides domain-name services, is expanding into website design and development, as well as hosting services, the company said in its interim report in August.

The International Financing Review reported in June that Alibaba.com may spin off the unit in the U.S. and raise between $200 million and $300 million. John Spelich, a Hong Kong-based spokesman for Alibaba, said he couldn’t comment on how much the sale may raise.

--Edmond Lococo. Editors: Nicholas Wadhams, Young-Sam Cho

To contact Bloomberg News staff for this story: Edmond Lococo in Beijing at elococo@bloomberg.net

To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus