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UPDATE 1-Alibaba picks New York Stock Exchange for U.S. IPO

(Adds details on NYSE-Nasdaq rivalry, confirmation from company)

SAN FRANCISCO, June 26 (Reuters) - Chinese e-commerce company Alibaba Group Holding Ltd <IPO-ALIB.N> has decided to list on the New York Stock Exchange, it said on Thursday, dealing a blow to the rival Nasdaq bourse.

Alibaba, which handles more than 80 percent of online retail transactions in the world's second-largest economy, will list under the symbol "BABA," the company said in an updated initial public offering prospectus.

The Chinese company is expected to make its debut this summer in what could be the largest U.S. tech IPO.

Securing Alibaba is a major victory for the New York Stock Exchange, which was acquired by IntercontinentalExchange Inc for $11 billion in November. In 2013, the NYSE snagged Twitter Inc and other major technology stock listings.

Alibaba is expected to eclipse Facebook Inc's $15 billion initial share sale in 2012. It would be the largest Chinese company to list on U.S. exchanges by far, with an estimated valuation north of $200 billion.

(Reporting by San Francisco Newsroom; Editing by James Dalgleish and Lisa Von Ahn)