Alibaba scraps Hong Kong IPO plan for logistics unit Cainiao as it tweaks restructuring
Alibaba Group Holding has decided to withdraw the initial public offering (IPO) for its logistics operation Cainiao in Hong Kong, and has offered to buy all remaining shares in the unit, in another major change to its original restructuring plan.
The Hangzhou-based e-commerce giant said in a filing to the Hong Kong stock exchange on Tuesday that it will invest up to US$3.75 billion to buy the remaining shares from minority shareholders of Cainiao Smart Logistics Network Ltd in a departure from an earlier plan to list the unit in Hong Kong. Alibaba currently owns 64 per cent of Cainiao. The offer values Cainiao at US$10.3 billion.
After completion …
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