China E-Commerce Giant Alibaba Files for IPO

China's Alibaba Group is aiming to raise $1 billion in a long-awaited IPO likely to have ripple effects across the Internet. Today's filing sets the stage for the technology industry's biggest initial public offering since Twitter and its early investors collected $1.8 billion in its stock market debut last fall. Alibaba could still try to raise more money and even surpass the $16 billion that Facebook did two years ago, depending on investor demand for its stock.

For now, Alibaba isn't specifying how much stock will be sold in the IPO or setting a price range. Those details will emerge as the IPO progresses, a process likely to take three to four months to complete before Alibaba's shares begin trading on the New York Stock Exchange. Although it's not nearly as well-known as Facebook, Alibaba has emerged as an e-commerce powerhouse that makes more money than Amazon and eBay combined. The IPO is expected to provide Alibaba with the financial firepower to expand into other markets, including the US.