According to an assessment by Baron Capital Inc, the planned IPO of Alibaba at the New York Stock Exchange would serve to pull up Chinese internet companies such as Sina Corp and Baidiu, to name a few. 

As China's largest e-commerce company, Alibaba is now seeking the assistance of US law firms to help in its IPO after its discussions with the Hong Kong bourse broke down after management pushed to retain control over the share sale. According to two people with the transaction, the HK exchange balked at the idea proposed by Alibaba management.

Now, investment banks have placed a value of USD120 billion on Alibaba, making it the third largest Internet company in terms of market capitalization after Google Inc and Amazon.com Inc. 

According to Baron Capital New York portfolio manager Michael Kass, "This is going to be the most important e-commerce company IPO in the world next to Amazon. Look at Baidu and Sina and Ctrip and all the leading China Internet companies and investors interest is being rekindled in those companies." Kass made these remarks in a telephone discussion. His firm manages nearly USD20 billion in assets, including emerging market stocks.