Alibaba Group Holdings Ltd's profits almost tripled in the past year as the Chinese company reported new details in its first wave of revisions since filing for its initial public offering in the U.S. Net income rose to about 23.1 billion yuan ($3.7 billion) in the year ended 31 March compared with 8.4 billion yuan a year earlier. Revenue rose 52% to 52.5 billion yuan
The company's filing also named 27 members of Alibaba's partnership, which is key to the company's unique governance structure. These partners will be able to nominate the majority of Alibaba's board. Among those are six executives from Alibaba's financial services affiliate, Small and Micro Financial Services Company.
This information should boost the going notion that Alibaba has the potential of having the biggest IPO ever. One can tell they are certainly doing everything they can to live up to that hype. A week ago, the company also made its debut in the United States, opening the online marketplace 11Main. And while the market here is certainly dominated by the likes of Amazon, eBay, and Walmart, 11Main offers a more "curated" experience for shoppers and is definitely positioned to make a splash.
One piece of information that was left out of today's news, however, is that we do not yet know if the stock will be trading on the NYSE or the Nasdaq. Alibaba's current value sits at $168 billion, according to analysts, and the Chinese e-commerce giant is targeting an August 8 IPO date. However, market conditions and ongoing dialogue with the SEC may push that off until September.
Whether you're optimistic or not, I believe we're about to witness history, and it's only going to get more exciting.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.