PALO ALTO — Chinese e-commerce giant Alibaba Group Holding Ltd. filed its highly anticipated U.S. initial public offering Tuesday, disclosing that it has tapped Simpson Thacher & Bartlett for legal counsel. Sullivan & Cromwell is advising the underwriters.
The filing notes Alibaba plans to raise $1 billion, but the figure is expected to balloon to north of $15 billion. Alibaba operates an online shopping center, Tmall, and a digital payment operator, Alipay, among other brands. Last year, it posted revenues of nearly $8 billion and net income of $3.4 billion.
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