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China's Alibaba Plans Record U.S. IPO

The Chinese online retailer Alibaba is planning a record $24 billion debut on the U.S. stock market, according to a posting from the Securities Exchange Commission (SEC) on September 5.

The company -- which aims to rival and eBay for global sales -- plans to offer 320 million shares sometime this month at a price between $60 and $66.

Since it will be offering only a part of its company in the stock sale, those initial-public-offering (IPO) prices would put the company's market captial at $163 billion.

In comparison, Apple is the highest-valued company in the world at $592 billion.

Based on reporting by Reuters and dpa