Yahoo rallies as U.S. Alibaba IPO filing reportedly draws closer

|By:, SA News Editor

With Alibaba apparently set to list in the U.S. following a breakdown in talks with Hong Kong regulators, 24% owner Yahoo (YHOO +4.6%) is adding to its 2013 gains, and in doing so hitting levels last seen in '07.

Reuters reports Alibaba "has engaged U.S. law firms to start working on its IPO and will soon be hiring banks to manage the listing."

Alibaba's very strong Q1 numbers, together with the huge rallies seen this year in high-growth Chinese and U.S. Internet names, has fueled hopes of a post-IPO valuation soundly above $100B.

36.7% Alibaba owner SoftBank (SFTBF.PK) rose 4% overnight in Tokyo.

Previous: ABR assigns Alibaba a $100B post-IPO valuation