Meanwhile, Alibaba has put Hong Kong IPO plans for its grocery chain Freshippo on hold.
Alibaba Group’s logistics arm Cainyao Network Technology is reportedly set to file for its Hong Kong initial public offering (IPO) as soon as next week, making it one of Alibaba’s first units to go public. According to sources say The logistics firm is looking to raise more than $1 billion from the sale stake, people familiar with the matter said. He said the valuation has not been decided and no final decision has been taken, so some details may change.
Bloomberg reported earlier this year that the logistics firm was working on IPO With banks like Citi Securities, Citigroup and JPMorgan Chase. Sources say China International Capital had to pull out of the process due to conflict of interest as it is a joint sponsor of J&T Global Express, a logistics company that is also seeking Hong Kong listing approval next week.
Meanwhile, Alibaba has put a Ban on Hong Kong IPO plan For its grocery chain Freshippo. The group’s capital management committee is reportedly delaying the IPO due to weak sentiment towards consumer stocks in China. Instead, priority will be given to listing other units of Alibaba.
Cainyao (Chinese for ‘newbie’ or ‘amateur’) was founded in 2013 by Alibaba and eight other companies, including department store owner Intime Group, Fosun Group and some logistics firms. It then played a key role in delivering for the rapidly growing online market. Alibaba took over operations of the business four years later and a 67% stake In the firm till May this year. The company has also become involved in the global e-commerce sector, delivering goods for millions of merchants and brands on marketplaces such as AliExpress and Southeast Asia’s Lazada.
The company’s website promises delivery within 24 hours to customers in China and within 72 hours to other locations around the world. It works with over 3000 logistics partners globally and operates on over 300 routes.
Mercy Mutanya is a tech enthusiast, digital marketer, author and IT Business Management student. She enjoys reading, writing, doing crossword puzzles, and watching her favorite TV series.
More Read
Bitcoin Crypto Related Post
