Alibaba denies ditching HK for IPO

Alibaba Group Holding Ltd on Thursday denied media reports that it had ditched Hong Kong in favor of the United States for its planned IPO, which is estimated to raise up to $75 billion.

An Alibaba representative in Beijing told China Daily that the country's leading Internet conglomerate is sticking to what it has previously said: that it has made no final decision on the timing, location and terms for the issue, projected to be one of the world's biggest this year.

"Reports claiming that Alibaba has chosen the US over Hong Kong are not true," the person said.