After the resignation of former chief executive and billionaire Chinese e-commerce company founder of 'Alibaba' Jack Ma, who gave a statement in January that he is resigning to make some way for the younger leaders to step in, would be succeeded by company's former executive Jonathan Lu.

Alibaba Group Holdings Ltd., which is accredited as the biggest e-commerce company in China has made certain arrangements for an initial public offering. Sources known to the matter were of the view that the company has hired Credit Suisse Group AG as well as Goldman Sachs Group Inc. (GS) to do the task.

The biggest electronic commerce site, of China called Alibaba. com Ltd. declined the most in more than a year in Hong Kong trading after the firm found more than two thousand three hundred vendors had set up bogus storefronts for defrauding global buyers.

According to Alibaba spokesman John Spelich in a statement on Thursday, the Chinese Internet colossal Alibaba Group presented to buy back portion of Yahoo Inc.’s 39% venture in Alibaba, but Yahoo discarded the proposal.

Alibaba's Chief Executive on Friday informed that billionaire banker George Soros made investment last year in Alibaba. com, which made him the third leading shareholder in the operator of China's biggest e-commerce site.