Alibaba delays IPO to September

Chinese e-commerce giant Alibaba will begin marketing its much-anticipated U.S. initial public offering (IPO) and go public on the New York Stock Exchange after the U.S. Labor Day holiday on September 1, a source told Xinhua on Friday.

The marketing roadshow, previously scheduled for late July in New York, London and Hong Kong, will be postponed for "procedural reasons" and to avoid clashing with Wall Street's vacation, said the source, who wished to remain anonymous.

"If not delayed, the roadshow, to last about two weeks, may coincide with Wall Street's traditional vacation time," the source said. "Alibaba does not want to make the IPO process too hasty."

The company submitted an updated IPO prospectus featuring an expanded board of directors to the U.S. Securities and Exchange Commission (SEC) last week. It has not received feedback from the SEC yet, according to the source.

The IPO by Alibaba, a titan of the tech world, is expected to be one of the biggest in U.S. history.