E-commerce site Alibaba.com may be planning China's largest IPO ever, reports CNET.

A public offering by Alibaba, which is partially-owned by Yahoo, could draw up to $1 billion, vastly overshadowing IPOs from Baidu.com and Tencent.com.

Goldman Sachs, Morgan Stanley and Deutsche Bank are all advising on the IPO.

Alibaba.com is a business-to-business service that helps buyers and sellers from around the world connect with one another. Should Alibaba go public, it will do so independently of other services owned by Alibaba Group.