Baron Sees Alibaba IPO Boosting Baidu: China Overnight
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Alibaba Group Holding Ltd.’s planned initial public offering in New York will help Chinese Internet companies from Sina Corp. to Baidu Inc. to extend rallies, Baron Capital Inc. said.
Alibaba, China’s biggest e-commerce company, is seeking U.S. law firms to help with an IPO after talks for a Hong Kong listing broke down following management’s proposal to keep control in a share sale, according to two people familiar with the matter. Investment banks have valued Alibaba at as much as $120 billion, which would make it the third-biggest Internet company behind Google Inc. and Amazon.com Inc. based on market capitalization.