An Alibaba Group signal is seen on the World Synthetic Intelligence Convention in Shanghai, July 6, 2023.
Aly Music | Reuters
Alibaba plans to listing its logistics unit Cainiao on the Hong Kong Inventory Trade, the Chinese language e-commerce big mentioned in a regulatory submitting on Tuesday.
Alibaba will proceed to carry greater than 50% of the shares of Cainiao after the spinoff.
The transfer is a part of probably the most radical shake-ups in Alibaba’s historical past. In March, the corporate mentioned it can cut up its construction into six enterprise items, nearly all of which is able to have the ability to increase outdoors funds and go public.
Cainiao is the primary of those companies to formally file for an preliminary public providing (IPO).
Alibaba mentioned the Hong Kong Inventory Trade has confirmed that the Cainiao itemizing could go forward. The alternate didn’t instantly reply to a CNBC request for remark.
Particulars have but to floor on the pricing of shares or on the anticipated itemizing date.
It is a breaking information story. Please examine again for extra.
