China’s E-Commerce King Alibaba to Go Public in U.S.

China’s online commerce giant Alibaba Group announced early Sunday morning it plans to begin the process of an initial public offering in the United States.

Alibaba said in a statement it wants to become “a more global company and enhance the company’s transparency.” The company could raise more than $15 billion in its IPO, more than Facebook raised in its public debut, and analysts estimate Alibaba has a value of at least $140 billion, Reuters reports. The e-commerce kingpin has a unique model that’s part eBay, part Google and part PayPal, and its platforms handle more goods than eBay and Amazon combined.

The Hangzhou, China-based company employs more than 20,000 and is currently in talks with Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs Group, J.P. Morgan, and Morgan Stanley for lead underwriting roles.

[Reuters]