Alibaba to begin process for IPO in US

Alibaba Group Holding Ltd, China’s biggest e-commerce company, will begin the process of filing for an initial public offering in the US that may be the biggest since Facebook.

The announcement comes after Alibaba struggled to persuade Hong Kong regulators to approve a proposed governance structure that would allow its partners to nominate a majority of its board of directors.

A listing in China may be considered “should circumstances permit in the future,” the Hangzhou- based company said in an e-mailed statement.