Alibaba's Jack Ma says, Alipay unit "will definitely go public"

Alibaba’s Alipay unit, part of the company financial services arm, “will definitely go public”, Executive Chairman Jack Ma told China’s official state broadcaster in an interview on Tuesday.

“The main goal of listing isn’t for more money, but to let more people share in and be part of it,” Ma said in an interview with CCTV on the company’s annual Singles’ Day shopping festival. Ma not give a timeline for when the unit might list. He did not specify whether it would be Alipay that lists or its parent, Zhejiang Ant Small and Micro Financial Services Group.

Alibaba has previously said it may take public its financial services arm, which is not a part of New York-listed Alibaba Group.

Alibaba has reportedly sold $2 billion in first 1 hour, 12 seconds of its annual shopping festival.

The sale, which the company claims is the world’s biggest 24-hour online sale, began in 2009 when 27 merchants on the company’s Tmall.com site offered deep discounts to boost sales during an otherwise weak period.

This year’s festival is global, reaching shoppers in more than 200 countries, the company said. The company indicated that its shopping spree, in which it has spent more than $6 billion since the beginning of the year, might not be ending yet as it aims to increase its user base.

With inputs from Reuters