China's biggest Internet retailer Alibaba Group Holding Ltd has paved its way for a listing in the United States.
The move comes after both of the country's bourses gave the green light to the e-commerce giant's special corporate governance structure, which derailed the company's initial public offering plan in Hong Kong.
According to China Daily, a representative for Alibaba said that both the New York Stock Exchange and the Nasdaq had accepted the e-commerce company's special partnership structure.
The structure would let its top executives nominate the majority of board members.
Despite the progress, the company has not made a timetable for the IPO and has neither chosen its listing venue nor the underwriter, the representative added.
According to the report, since Alibaba has not made an official announcement about listing in the US, Jonathan Lu, Alibaba's chief executive officer said he thinks the company may still want to fight its way back to Hong Kong.
However, Ricky Zhong, founder of imeigu, a leading online platform offering stock information about US-listed Chinese companies, said that it seems the deal is sealed for Alibaba to launch its IPO in the US, the report added.