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Alibaba reportedly files for Hong Kong IPO, China Perspective says

Alibaba Group (ALBCF) has filed its application for listing at the Hong Kong stock exchange aimed at raising up to $20B and is expected to float in October with a valuation of $100B, reported The China Perspective, citing Hong Kong-based Oriental Daily. About $7B from the money raised will be used to buy back Yahoo's (YHOO) stake in Alibaba, the report added.