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Alibaba Wins IPO Approval

Alibaba.com Inc., operator of China's largest B2B website, has won approval from the Hong Kong Stock Exchange for its IPO, according to Reuters. The company is expected to raise approximately $1 billion, with Morgan Stanley serving as lead underwriter. Alibaba.com has raised around $107 million in total VC funding, including an $82 million Series D round in early 2004 at a $182 million post-money valuation. Shareholders include Fidelity Investments, Goldman Sachs, Granite Global Ventures, Softbank China VC, Investor AB, Transpac Capital and Venture TDF. www.alibaba.com