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Alibaba Picks New York Stock Exchange for IPO

Alibaba Group Holding Ltd. plans to list its shares on the New York Stock Exchange, cementing the 222-year-old market’s newfound strength in technology companies.

The decision is a blow to the Nasdaq Stock Market which was competing to become the venue for what could be the largest-ever IPO in the U.S. Alibaba named the exchange in a filing yesterday, saying it plans to use the ticker ``BABA.''