Alibaba’s Cainiao Plans to Raise At Least $1 Billion in Hong Kong IPO Soon
- The logistics unit could be among the first to go public
- Citic and JPMorgan earlier replaced CICC in arranging the IPO
A Cainiao warehouse in Wuxi, Jiangsu province, China.
Photographer: Qilai Shen/BloombergCainiao Network Technology Co., the logistics arm of Alibaba Group Holding Ltd., is planning to file for its Hong Kong initial public offering as soon as next week, according to people familiar with the matter, potentially making it among the first of the Chinese tech firm’s units to go public.
The company is targeting to raise at least $1 billion in the share sale though it’s still early to decide on the valuation, said the people, who asked not to be identified as the information is private. No final decision has been made and details could still change, the people said.
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Alibaba’s Cainiao Plans to Raise At Least $1 Billion in Hong Kong IPO Soon