SAN FRANCISCO (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd has decided to list on the New York Stock Exchange, the company said on Thursday, dealing a blow to the rival Nasdaq bourse.
Alibaba, which handles more than 80 percent of online retail transactions in the world's second-largest economy, will list under the symbol "BABA", the company said in an updated IPO prospectus.
The Chinese company is expected to make its debut this summer in what could be the largest U.S. tech initial public offering.
Securing Alibaba's listing is a major victory for the New York Stock Exchange, acquired by IntercontinentalExchange Inc
Alibaba is expected to eclipse Facebook Inc's $15 billion initial share sale in 2012. It would be the largest Chinese company to list on U.S. exchanges by far, with an estimated valuation north of $200 billion.
(Reporting by San Francisco Newsroom; Editing by James Dalgleish)
