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US OKs Alibaba structure

Updated: 2013-10-22 07:24
By Meng Jing ( China Daily)

Deal could be biggest tech firm debut since Facebook's IPO

Alibaba Group Holding Ltd has paved its way for a listing in the United States after both of the country's bourses are said to have given the green light to the e-commerce giant's special corporate governance structure, which derailed the company's initial public offering plan in Hong Kong.

A representative for Alibaba said on Monday that both the New York Stock Exchange and the Nasdaq had accepted the e-commerce company's special partnership structure, which would let its top executives nominate the majority of board members.

US OKs Alibaba structure