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Alibaba eyes record Singles' Day, then blockbuster IPO

China's Alibaba kicks off its annual 24-hour shopping extravaganza on Monday (November 11) with deals and deep discounts galore for Singles' Day.

A Chinese equivalent of Black Friday or Cyber Monday in the U.S.,

Singles' Day has rapidly grown since being founded in 2009 to become the world's biggest online sales event.

Last year Alibaba saw sales worth $30 billion on its platforms.

And just to add to the glitz of the event U.S. popstar Taylor Swift - whose album 'Lover' had broken records in China - is due to headline this year's opening gala.

The e-commerce giant said it expects more than 500 million users to participate on Singles' Day.

But that's not the only financial boost the firm could be heading for in the near future

Reuters sources say Alibaba plans to launch a long-awaited Hong Kong share offering in the final week of November

The firm could raise $10 to $15 billion from the IPO.

Two sources told Reuters Alibaba is due to seek approval from Hong Kong's listing committee on Thursday (November 7).

They said the listing process would then proceed during the week of November 25th.

An Alibaba spokesman declined to comment on the timing of the deal.