Alibaba sees no listing of Taobao.com
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Alibaba?Group doesn't plan to list its C2C unit, Taobao.com, for the moment because it is still developing, its chairman said at its shareholder's meeting yesterday.
"It's not suitable to let Taobao go public since it's still in the process of development and is a different business model from that of Alibaba.com," Ma Yun said.
He also said the group will coordinate business between its arms - C2C unit Taobao.com, online payment platform Alipay as well as B2B site Alibaba.com - by 2012, without elaborating.
Ma indicated that investment will continue to increase this year because China's e-commerce market still has huge opportunities.
The Alibaba Group is also ready to list on the domestic stock market any time once the regulator gives its approval, said Joseph Tsai, its chief financial officer.
CEO Wei Zhe said billionaire George Soros is now one of the top three biggest holders of the company's public shares.
