Chinese e-commerce company Alibaba says it will spin off its logistics arm, Cainiao Smart Logistics Network, in an initial public offering in Hong Kong.
FILE - The logo of Chinese technology firm Alibaba is seen at its office in Beijing on Aug. 10, 2021. Chinese e-commerce company Alibaba said Tuesday, Sept. 26, 2023, that it would spin off its logistics arm, Cainiao Smart Logistics Network, in an initial public offering in Hong Kong, making it the first business unit to go public following a major restructuring.
The move comes about six months after Alibaba first announced that it would split its business into six different units. The Cainiao IPO would be the first of Alibaba’s business units to undergo an initial public offering.with new CEO Eddie Wu taking over the reins earlier this month from Daniel Zhang.
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