Alibaba.com has applied to list shares on the Hong Kong stock exchange, according to the WSJ.

Goldman Sachs Group Inc. and Morgan Stanley will be the lead underwriters of an offering that could, according to rumors raise $800 million, and take place in the third quarter.

Alibaba.com spokeswoman Christina Splinder said Alibaba Group Chief Executive and Chairman Jack Ma told employees during a meeting over the weekend that the first steps toward the unit’s IPO had begun. She didn’t elaborate.