Asian Tech Press (Feb 23) -- Chinese e-commerce giant Alibaba Group Holding Ltd (BABA:NYSE) has temporarily shelved talks to raise $1 billion before a potential IPO of Lazada, the company's e-commerce marketplace in Southeast Asia.

Alibaba had opened talks with investors to raise at least $1 billion for Lazada, to later spin off the e-commerce platform and prepare for its potential initial public offering (IPO), according to Bloomberg.

However, the Chinese e-commerce giant canceled talks with potential investors after failing to secure its envisioned valuation.

China's biggest online retailer has put its financing plans on hold because it doesn't need the money and the market remains volatile as valuations for tech companies listed in New York and Hong Kong continue to shrink, the report said.

Alibaba may resume financing attempts if market conditions change, people familiar with the matter said.