Alibaba logistics arm eyes up to $2 billion Hong Kong IPO: Reports

By Kevin Colleran On May 8, 2023

Alibaba’s logistics arm aims to raise up to $2 billion via a listing in Hong Kong likely early next year, sources with knowledge of the matter said, bolstering hopes for a capital markets revival in the Asian financial hub.

Cainiao Network Technology’s initial public offering (IPO) plan comes after Alibaba flagged in late March it would split its business into six units and that most of them would explore capital raisings or market debuts to help fund future growth.

Cainiao, which has started work on the IPO, is looking to raise between $1 billion and $2 billion in Hong Kong, according to three sources. They declined to be named because the listing deliberations are private.

The planned IPO, the size of which has not been reported before, is likely to be launched in early 2024, two of the sources said.

The sources cautioned that the plans are not finalised yet and remain subject to changes.

Cainiao said it would not comment on market speculation.

Discover the stories of your interest

Alibaba did not respond to a request for comment.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

For all the latest Technology News Click Here

For the latest news and updates, follow us on Google News.

Read original article here

Denial of responsibility! TheDailyCheck is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] The content will be deleted within 24 hours.