With a current market cap of $285.82 billion, Alibaba Group Holding Ltd (NYSE:BABA)’s CEO is all set to stir the market again with the IPO of Alipay unit of the company. No timeline was declared for the same and Alipay is a unit of the financial arm of the company.
Jack Ma, CEO of Alibaba Group, said that Alipay “will definitely go public” during an interview with CCTV. He added,
“The main goal of listing isn’t for more money, but to let more people share in and be part of it.”
No further details were provided about the IPO including whether Alipay itself or its parent companies would go public. Alipay is a product of Micro Financial Services Group and Zhejiang Ant Small.
Alibaba Group Holding Ltd (NYSE:BABA) is set to add another feather in its glory with the expected record sales on Single’s Day, as the company has recorded orders exceeding $2 billion during the first hour of opening of the “11.11 Shopping Festival.” Alibaba started this shopping festival in 2009 and the company booked sales worth $7 million that year. The sales grew up to $5.7 billion last year and it is expected to tough $8.2 billion this year.
According to China Market Research Group analyst’s, Ben Cavender, sales expectations,
“In terms of products, the most popular items will probably be various food products like baby formula and consumer and home electronics.”
For better sales on Single’s Day, Alibaba Group Holding Ltd (NYSE:BABA) has offered discounted products for the last one week allowing customers to book the products in advance.
Single’s Day has dwarfed both Cyber Monday and Black Friday in terms of overall sale orders processed in a single day. The shares of Alibaba closed at $119.15 after regular trading session and the share prices have witnessed 27% increase since the initial IPO in September 2014.
This article has been written by Prakash Pandey.
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