The New York Stock Exchange has scored a big victory over its rival Nasdaq in the battle for listing Chinese e-commerce company Alibaba.
Alibaba, which handles more than 80 percent of online retail transactions in China, will launch its shares later this year. It will list under the symbol ‘BABA’.
It is likely to be the largest US technology initial public offering of shares valuing the company more than $200 billion (147 billion euros).
The two US exchanges compete fiercely for new listings.
The NYSE has pulled ahead of the Nasdaq recently in its traditional area of technology companies. 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.