Chinese online giant Alibaba boosted the price range for what was already expected to be the biggest stock offering on record, to as much as $25.03 billion. Documents filed with US regulators upped the price range for the stock offering to $66-$68 per share, resulting in proceeds which would break the record for stock flotations, set in 2010 by China's AgBank. Alibaba would raise between $24.3 billion and $25.03 billion based on the new documents filed with the Securities and Exchange Commission. The new price range was lifted from $60-$66, filed earlier this month, and comes amid intense interest in the fast-growing Chinese online retail group. Alibaba would have a market value of $163-$168 billion based on the new price range. The final price could come later this week and the stock could trade as early as Friday, according to some reports. The initial public offering (IPO) allows investors to get a piece of the huge Chinese market, but it also will fuel Alibaba's expansion plans. The company earlier this year announced plans for a US marketplace called 11 Main, which is currently in a test phase. Alibaba's consumer services are similar to a mix of those offered by US Internet titans eBay, PayPal and Amazon.com, and it also operates services for wholesalers. Alibaba Group made a profit of nearly $2 billion on revenue of $2.5 billion in the quarter ending June 30, according to its latest filing. Revenue rose 46 percent from the same period a year earlier. The Chinese firm will trade on the New York Stock Exchange under the symbol "BABA." - Hong Kong snubbed? - Alibaba decided to list in New York because it wanted an alternative class share structure to give selected minority shareholders extra control over the board; the Hong Kong bourse declined to change its rules to allow this. Alibaba founder Jack Ma struck a conciliatory note in comments this week over its failure to list in Hong Kong. "Some people have said that Hong Kong lost the opportunity to have Alibaba. I personally feel that Alibaba missed out on Hong Kong," Ma told reporters at an investor "roadshow" in Hong Kong. Ma said this missed opportunity could be due to misunderstanding between the two sides. "I believe, I understand and I especially support the fact that Hong Kong should not change its principle for one company or one enterprise," he said. "But Hong Kong must... change for its own future because this world is in the midst of change." The IPO is also a major event for US-based Yahoo, which bought a 40 percent stake in the Chinese online giant in 2005 for $1 billion, and still holds 22.4 percent of Alibaba. The California company is expected to walk away with $7 billion to $9 billion by paring that stake down to 16.3 percent. Yahoo said in July the majority of the proceeds of the sale of Yahoo's stake would be returned to shareholders. The remainder could help fuel acquisitions to help Yahoo rev up its sagging revenue base, after a four percent year-on-year drop in the latest quarter.
Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting
- The Daily Beast
Courtesy Mykayla BolieuThe family of Sativa Transue, a 26-year-old American woman from Spokane, Washington who was found dead in her Cancun hotel room while on vacation with her boyfriend, said she looked like she had been “beaten to a bloody pulp” when Mexican authorities discovered her body on Saturday.“I received a call from the Mexican consulate letting me know my daughter has passed away and that she’s been found dead,” Jayme Bolieu, Sativa’s mother, told The Daily Beast in an interview. “H
- The Daily Beast
Rochester Hills District CourtOXFORD, Michigan—The shooter who allegedly killed four students and injured seven, including a teacher, at Michigan’s Oxford High School on Tuesday was previously flagged by administrators for “behavior in the classroom that they felt was concerning,” Oakland County Sheriff Mike Bouchard said Wednesday.Authorities have identified the suspect as 15-year-old sophomore Ethan Crumbley. His parents had been brought into the school the morning of the shooting for a face-t
- In The Know by Yahoo
Woman's strict marriage rules spark outrage among TikTok users: 'Sorry but this is absolutely insane'
Discussion about the guidelines has been heated.
According to a royal insider, the Cambridge family has one habit in particular that the Queen "can't stand." But, you'll never guess what it is.
- Yahoo Sports
Richard Petty Motorsports has operated in various iterations since Petty Enterprises merged with Gillett Evernham Motorsports in 2009.
Accuser who testified Ghislaine Maxwell and Jeffrey Epstein sexually abused her for years says she was on a flight with Prince Andrew and met Trump
Jane (not her real name) testified at Ghislaine Maxwell's trial that Jeffrey Epstein introduced her to Trump at Mar-a-Lago when she was 14 years old.
- Fighting Irish Wire
Brady ain't happy
Paulina Porizkova's New Lingerie Photos Will Make You Want to Admire Your Own Stunning Body in the Mirror
Paulina Porizkova isn’t going to stop talking about ageism, so she’s hoping people are starting to listen. Her latest Instagram post honors her aging body in a way that turns around the negative self-talk many of us hear in our heads and gives it a positive spin that we should all adopt immediately. Using a […]
- Rolling Stone
The jailed porn star appeared in court Wednesday with a bushy beard and his trademark long hair now almost completely white
- Business Insider
The pistol police said the Oxford high school shooting suspect used was one of nearly 700,000 firearms that Americans bought or tried to buy during Black Friday sales
The FBI conducted 687,788 background checks related to firearm purchases during the week leading up to and including Black Friday.
- Cincinnati.com | The Enquirer
Northwest High School volleyball alum Fatimah Shabazz died at North Carolina A&T where she was about to lead her team into a big tournament.
- Eat This, Not That!
The New York Times reports more than 775,000 Americans have died from COVID-19 and more than 48 million have had the virus. However, many others have likely had COVID but weren't tested or were asymptomatic and didn't realize they had it. While it's impossible to know if you've been infected without seeing a physician or getting tested, there are signs you've had it. COVID affects everyone differently, but according to virus and medical experts Eat This, Not That! Health spoke with, here are the
- Kansas City Star
Upon closer inspection, the hunter quickly noticed something was amiss.
Each of these stocks has been "trampled on unjustly," the Mad Money host says.
- Military Times
A senior Army aviator is looking into whether the soldiers who executed the flyover violated any regulations.
- In The Know by Yahoo
TikToker slams date for sending her home because he was 'too embarrassed' by her outfit: 'Are you kidding?'
Jabs' dating story that caught attention was about a guy she had been seeing and even living with for about three weeks.
- Fighting Irish Wire
Not always the easiest to take the high road...
The Denver Post editorial board slammed the conspiracy theory-endorsing Colorado Republican as "clearly incapable of remorse or reflection."
- Golf Channel
Tony Finau needed a replacement caddie this week in the Bahamas so he reached out to a very wealthy friend.
- Women's Health
Sarah Hyland flashes her super-toned abs and booty while on a mini birthday vacay in Big Sur—and it's all on Instagram. Strength training keeps her totally fit.