Alibaba CEO Confirms It Abandons HK for IPO
Alibaba Group Holding Ltd, China's biggest e-commerce firm, has decided not to go public on the Hong Kong stock exchange, chief executive Lu Zhaoxi told Reuters during an interview. Lu said the company did not persuade the Hong Kong bourse to accept its partnership framework of corporate governance, and did not name another possible site for the listing, but it is widely speculated that New York or Shanghai are the most likely places. Founded in 1999, Alibaba operates China's most visited e-commerce sites Taobao.com (C2C) and Tmall.com (B2B) as well as China's most used third-party billing service provider Alipay. Its initial public offering is expected to raise $15 billion. Alibaba expects turnover of its platforms to total 3 trillion yuan in the 3 to 4 years starting 2012.
Tencent Targets 2 Billion Yuan from Mobile Gaming Revenue
Tencent Holdings Ltd (HKG: 0700) expects its revenue from mobile gaming to reach 2 billion yuan this year, a person with knowledge of the matter said. Launching its first game in early August, Tencent's mobile gaming platform currently operates 5 mobile games; its latest game generated 5.1 million yuan in revenues on the first day of launch. China's smartphone gaming revenue is projected to amount to 24 billion yuan in 2014, with Tencent expected to snatch a 20-25% share.
Geely Sales Volume Rises 22% in September
Geely Automobile Holdings Co (HKG: 0175), China's largest privately owned carmaker, said its sales volume rose 21.8% month on month to 43,027 units in September. The volume remained flat compared with a year ago. Domestic sales were 34,539 units, up 9.9% month on month. In the first 9 months, Geely sold 375,810 vehicles, up 16.0% year on year and meeting 67% of its annual sales target; domestic sales and exports were up 16.6% and 14% year on year respectively.
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