Alibaba Group announced on March 26 that the group will no longer pursue an initial public offering IPO of Cainiao, its logistics arm, on the Hong Kong Stock Exchange HKEX, said Alibaba's chairman Joe Tsai.
The group now holds approximately 64% of stake in Cainiao, and is planning to spend up to $3.75 billion to purchase remaining outstanding shares held by minor investors and employees, taking the firm into 100% ownership of Alibaba.
Previously, the group had completed a massive restructuring, splitting its business segments into six associated units, and Cainiao was one of them. The logistics arm filed for listing on HKEX last...
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