Chinese ecommerce company Alibaba has confirmed it will float on the New York Stock Exchange later in the year, rather than on the rival stock market the Nasdaq.
Alibaba announced months ago that it was pursuing an initial public offering and would be floating in the US by the end of the year, but the firm had not said which index it had selected.
It represents a coup for the New York Stock Exchange, with Alibaba's flotation expected to be one of the largest to have taken place in the US for the last few years.
The ecommerce business has been growing rapidly in the last few years as the company takes advantage of China's fast expanding middle classes, who have a strong demand for luxury items. Despite concerns from some quarters that the Chinese economy could be heading for a slowdown, Alibaba's performance has been holding up well in recent months.
Alibaba's flotation is expected to confirm the company's position as one of the world's leading ecommerce businesses and the firm has already offered an indication it could move into a variety of different sectors in the coming months. Earlier in the month, Alibaba confirmed the purchase of a 1.2 billion yuan (£114 million) investment in Guangzhou Evergrande Football Club, which is one of the leading teams in Asia.
"We participated in a comprehensive and deliberate exchange selection process, and we are pleased to welcome Alibaba Group to the New York Stock Exchange," a spokesman for the stock market said.
Analysts have predicted that the listing could be worth as much as $20 billion (£11.74 billion), which would secure Alibaba's position as a company to keep a close eye on for investors.
The Nasdaq was the New York Stock Exchange's main rival for Alibaba's flotation and missing out on the firm will be another blow to the former index. Technology stocks are being ever more hotly contested by the two main US indexes and Twitter chose the New York Stock Exchange for its recent flotation, providing a boost to the latter market.
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