Chinese e-commerce business Alibaba states it will spin off its logistics arm, Cainiao Smart Logistics Network, in an preliminary public offering in Hong Kong
ByZEN SOO Associated Press
September 26, 2023, 7: 00 AM
FILE – The logodesign of Chinese innovation company Alibaba is seen at its workplace in Beijing on Aug. 10,2021 Chinese e-commerce business Alibaba stated Tuesday, Sept. 26, 2023, that it would spin off its logistics arm, Cainiao Smart Logistics Network, in an preliminary public offering in Hong Kong, making it the veryfirst service system to go public listbelow a significant restructuring. (AP Photo/Mark Schiefelbein, File)
The Associated Press
HONG KONG — Chinese e-commerce business Alibaba stated Tuesday that it would spin off its logistics arm, Cainiao Smart Logistics Network, in an preliminary public offering in Hong Kong, making it the veryfirst company system to go public listbelow a significant restructuring.
Alibaba stated in a filing that it had sent a spin-off proposition to the Hong Kong Stock Exchange, and that it has got verification to continue.
Alibaba will continue to be a bulk investor in Cainiao, holding over 50% of the business and keeping it as a subsidiary. The business presently owns almost a 70% stake in Cainiao, Alibaba’s primary shipment arm that manages logi