NEW YORK (The Deal) -- China's Alibaba Group Holding Sunday unveiled plans for what is likely to be the biggest U.S. initial public offering since Facebook (FB) as it works to take its China-centric e-commerce platform abroad.

Alibaba gave few details of its plans, though the New York sale is expected to value the company at between $140 billion and $200 billion and provide a windfall to major shareholders Yahoo! Inc. and SoftBank Corp., which own 24% and 37%,respectively.

"This will make us a more global company and enhance the company's transparency, as well as allow the company to continue to pursue our long-term vision and ideals," Alibaba said.

The online retailing and wholesaling site has reportedly shortlisted Credit Suisse Group, Deutsche Bank AG, Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Citigroup Inc. to manage the sale. Simpson Thacher & Bartlett LLP is expected to be counsel on the listing.

The IPO comes after months of negotiations with the Hong Kong securities regulator.

Alibaba had asked the regulator to change rules to accommodate its corporate structure. The company wants only executives and partners to have the right to appoint its board, allowing them to maintain control but going against Hong Kong regulations that require all shareholders to have equivalent rights.

"We wish to thank those in Hong Kong who have supported Alibaba Group. We respect the viewpoints and policies of Hong Kong and will continue to pay close attention to and support the process of innovation and development of Hong Kong," the company said. "Should circumstances permit in the future, we will be constructive toward extending our public status in the China capital market in order to share our growth with the people of China."

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