Chinese e-commerce giant Alibaba has decided to list on the New York Stock Exchange, dealing a blow to the market’s rival Nasdaq.
Alibaba, which handles more than 80% of online retail transactions in China, will list under the symbol "BABA" following its IPO.
The Chinese company is expected to make its debut this summer in what could be the largest US tech IPO. It is expected to eclipse Facebook’s $15 billion initial share sale in 2012.
Alibaba would be the largest Chinese company to list on US exchanges by far, with an estimated valuation north of $200 billion.
Securing its debut marks a major victory for the New York Stock Exchange, which was acquired by IntercontinentalExchange for $11 billion in November.
The two US exchanges compete fiercely for new listings. Nasdaqhad easily scored the most tech IPOs every year from 1999 until 2012, when NYSE drew level.
The NYSE pulled ahead last year, and it won the most coveted tech debut of the year, Twitter.
The reversal has been attributed partly to Nasdaq's high-profile bungling of Facebook's market debut in 2012, and partly to changes NYSE made to its listing standards in 2008 to make it easier for smaller, growing companies to qualify.
Nasdaq, meanwhile, has made inroads against NYSE on blue-chip listings, with wins in recent years such as Kraft Foods and Texas Instruments Inc.
The NYSE however led the Nasdaq in terms of overall listings in the first half of this year, the busiest period for stock debuts since 2011, accounting for $19.8 billion in total IPO proceeds, 61 percent of all U.S. IPO fund-raisings.
