Alibaba Group, the Chinese e-commerce giant that could raise as much as $26 billion in its initial public offering, has chosen the New York Stock Exchange to list its shares.
The win gives ongoing NYSE chief Duncan Niederauer a huge parting gift as he’s scheduled to step down in August.
Its American depositary shares, which allow US investors to buy stock in foreign companies, will trade under the ticker BABA, according to a Securities and Exchange Commission filing on Thursday.
“We participated in a comprehensive and deliberate exchange selection process and we are pleased to welcome Alibaba Group to the New York Stock Exchange,” NYSE said in statement.
The decision ends a months-long courting period for what is expected to be the largest-ever US listing by a Chinese company. The Big Board, owned by InterContinental Exchange, beat out the Nasdaq, the home for other Chinese tech stocks, including search engine Baidu.