According to sources close to the matter quoted by Bloomberg, Alibaba plans to file a formal listing application with the Hong Kong Stock Exchange as soon as within the coming few weeks. The source also mentioned China International Capital Corporation (3908) and Credit Suisse Group as the company's sponsor for its IPO in Hong Kong. The company intends to preserve its existing governance structure, where a partnership of top executives reserves the rights of nominating more than half of the board members.

The IPO is believed to be able to draw the largest amount of funds ever since 2010. Alibaba, CICC and Credit Suisse all declined to comment.

Credit Suisse was the lead bank for the company's IPO in the US in 2014. Alibaba is also the second biggest shareholder of CICC, owning 11.7% of its shares.