SoftBank jumps to seven-week high on news of Alibaba U.S. listing

Reuters News
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Posted: Mar 16, 2014 8:57 PM

TOKYO (Reuters) - Shares in SoftBank Corp jumped as much as 6.6 percent to a seven-week high of 8,239 yen on Monday morning after its Chinese e-commerce affiliate Alibaba Group Holdings decided to hold its long-awaited share listing in the United States.

Alibaba said in a statement on Sunday it had decided to begin the U.S. IPO process, ending months of speculation about where it would go public.

The Chinese firm is in discussions with six banks to underwrite the deal, set to be the most high-profile public offering since Facebook Inc's listing nearly two years ago.

(Reporting by Dominic Lau; Editing by Chang-Ran Kim)