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The Independent UK

National

Zen Soo

Alibaba will spin off its logistics arm Cainiao in an IPO in Hong Kong

Alibaba Cainiao Hong Kong IPO Daniel Zhang e-commerce

Copyright 2021 The Associated Press. All rights reserved

Chinese e-commerce company Alibaba said Tuesday 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.

Alibaba said in a filing that it had submitted a spin-off proposal to the Hong Kong Stock Exchange, and that it has received confirmation to proceed.

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