Alibaba, China’s answer to Amazon, is worth nearly $200bn on the grey market, confirming that it is on track for one of the biggest IPOs in history. It could raise more than $20bn (£12bn) in a float.
The 15-year-old company saw profits nearly triple to 12.3bn yuan (£1.2bn) in the last quarter, while sales leapt 46% to 15.77bn yuan.
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