Alibaba Group Holding Limited is a Chinese e-commerce company that provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals. It also provides electronic payment services, a shopping search engine and data-centric cloud computing services. The group began in 1999 when Jack Ma founded the website Alibaba.com, a business-to-business portal to connect Chinese manufacturers with overseas buyers. In 2012, two of Alibaba's portals handled 1.1 trillion yuan ($170 billion) in sales. Suppliers from other countries are supported (with more stringent checks than for Chinese companies), but the company primarily operates in the People's Republic of China (PRC). At closing time on the date of its initial public offering (IPO), 19 September 2014, Alibaba's market value was US$231 billion. However, the stock has traded down and market cap was about $212 billion at the end of December 2015. In September 2013, the company sought an IPO in the United States after a deal could not be reached with Hong Kong regulators. Planning occurred over 12 months before the company's market debut in September 2014, with Reuters Instrument Code "BABA.N". The pricing of the IPO initially raised US$21.8 billion, which later increased to US$25 billion, making it the largest IPO in history. Buyers were actually purchasing shares in a Cayman Islands shell corporation, not in the Alibaba group, as China forbids foreign ownership of its companies. Alibaba's consumer-to-consumer portal Taobao, similar to eBay.com, features nearly a billion products and is one of the 20 most-visited websites globally. The Group's websites accounted for over 60% of the parcels delivered in China by March 2013, and 80% of the nation's online sales by September 2014. Alipay, an online payment escrow service, accounts for roughly half of all online payment transactions within China. Alibaba is planning to enter India and was in talks with Snapdeal in September 2014. Alibaba reported sales of $14.32 billion on China's Singles' Day on 11 November 2015, up 60 percent from 2014. Alibaba entered India's e-commerce space with 25% stake in Paytm owner One97.