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BofA Finds Way to Gain From Alibaba IPO Even After Advisory Snub

Bank of America Corp., one of the few large banks that isn’t working on this week’s initial public offering of Alibaba Group Holding Ltd., has found another way to make a buck on the deal.

The Charlotte, North Carolina-based bank is giving investors a chance to bet on Alibaba’s performance by offering them a product that uses the e-commerce company’s largest shareholder, SoftBank Corp., as a basis for approximating Alibaba’s valuation. It strips out the main listed businesses that SoftBank owns -- Sprint Corp. and Yahoo Japan Corp. -- through short positions.