31 March 2023
Dear clients,
Cainiao Network Technology Co., the logistics arm of Alibaba Group Holding Ltd., has begun preparations for an initial public offering in Hong Kong with banks, paving the way for the first of the Chinese technology firm's six business units.
Cainiao has not yet decided on the size of the IPO, sources said, and the timing may still change depending on market conditions. A Cainiao spokesman said the company does not have a clear plan and timetable for the IPO.
Alibaba this week unveiled plans to split its $250 billion business into six major divisions covering e-commerce, media and cloud. Every business will consider a fundraising or IPO at the appropriate time.
The announcement coincided with the return of co-founder Jack Ma to China, as well as a series of official announcements of support for the private sector.
After the inter-segment elimination, Alibaba's revenue rose 27% year-on-year to 16.6 billion yuan ($2.4 billion) in the three months ended Dec. 31, according to a statement released last month. Modernization of consumer logistics services and international order fulfillment solutions contributed to growth.
Along with Alibaba, a number of Chinese tech companies have either lodged or resubmitted their Hong Kong listing applications in the past week alone. The resurgence of a Chinese tech IPO has ended a year-long lull that began after regulators wound up Ant Group Co.'s record IPO.
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