Hong Kong

Alibaba Group Holding is moving toward an initial public offering in the U.S. after talks for a Hong Kong listing broke down following management's proposal to keep control in a share sale, according to two people familiar with the matter.

China's largest e-commerce company is seeking U.S. law firms to help with an IPO and hasn't hired banks yet, said one of the people, who asked not to be identified. Alibaba, which investment banks value at as much as $120 billion, is likely to choose to list its shares on the New York Stock Exchange, another person said.

Trade Only and Technologo have extended an invitation to all distributors and suppliers visiting the Hong Kong Gift Show to join them for an informal networking party at Hong Kong's hottest venue—the Geronimo Shot Bar at Lan Kwai Fong Central.

The inaugural China Sourcing Fair: Christmas & Seasonal Products will bring together exporters from the Greater China region and emerging hubs to welcome global buyers at Hong Kong's AsiaWorld-Expo. It will be held concurrently with the autumn run of the China Sourcing Fair: Gifts & Premiums from October 20 to 23.

Cranking up the event's festive mood will be a range of models from holiday lights to Yuletide stockings lining the pavilions. Suppliers of Christmas trees and ornaments, party favors, holiday lights, and Halloween, Easter and Valentine's Day decorations will converge to greet visitors with their newest designs.

July 19 (Reuters) - China's central bank on Monday signed a revised agreement for handling yuan transactions in Hong Kong with the Bank of China (Hong Kong), the territory's clearing bank for the Chinese currency, Xinhua news agency reported.

The new terms will help Hong Kong expand its business dealings in the Chinese currency, Xinhua reported. (Reporting by Aileen Wang and Simon Rabinovitch; Editing by Tom Miles)

Sonoma Promotional Solutions, Sonoma, Calif., has purchased Hong Kong-based sourcing and inspection company Golden Fortune Enterprises. Both companies will continue to operate seperately with their own industry identities. “Since we have been doing business in China for over 20 years, it just made sense for us to acquire our own offices so we can have even greater control over sourcing and product inspections,” noted Bernie Friedman, president and founder of Sonoma. “Working with socially compliant factories is important to us and our customers and we hope this acquisition gives our customers additional peace of mind.” Golden Fortune maintains staff inspectors in Hong Kong, Shanghai,

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