Alibaba chooses New York Stock Exchange over Nasdaq

The Chinese online retailer, Alibaba, will list its shares on the New York Stock Exchange (NYSE), rather than on the technology focused Nasdaq.

Alibaba, which handles more than 80% of online retail transactions in China, plans to go public in the US this summer.

Some analysts say the public listing could be worth more than $20bn.

The decision to float on the NYSE is a blow to the rival Nasdaq exchange, which had hoped to host the stock.

"We participated in a comprehensive and deliberate exchange selection process, and we are pleased to welcome Alibaba Group to the New York Stock Exchange," an NYSE spokesman said.

Alibaba will be the largest Chinese company to list in the United States.

Founded in 1999 by a former English teacher, Jack Ma, it was reported to have more than 231 million active buyers across its three virtual marketplaces last year.

The NYSE and Nasdaq have been competing to attract technology firms and last year the NYSE recorded an important win by listing Twitter.