By Associated Press - Friday, September 5, 2014

SAN FRANCISCO — E-commerce company Alibaba Group is seeking to raise up to $24.3 billion to set a new record for an initial public offering of stock.

Alibaba disclosed the financial targets in regulatory documents filed Friday.

Alibaba has been thriving because it has built an e-commerce bazaar that has become a shopping magnet for businesses and consumers alike as China’s economy steadily grows. The company’s network of sites includes Taobao, Tmall, and AliExpress, as well as Alibaba.

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