Alibaba said in a press statement on Tuesday that the IPO will be finalized by the end of the year.

CEO Daniel Zhang said the business wanted to list in Hong Kong “in the interests of nurturing a bigger and more varied investor base to partake in Alibaba’s development and future, notably from China and other countries in Asia.”

Chinese Internet Retailer Alibaba Announced It Will Pursue a Main Listing in Hong Kong. comes via ChinaTechNews.com.