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Notice: Undefined index: HTTP_ACCEPT_LANGUAGE in /home/stockstowatch/public_html/wp-content/mu-plugins/GrULw0.php on line 4 Alibaba’s Cainiao Logistics Division Prepares For IPO By 2023 – Alibaba Group Holding (NYSE:BABA) – Stocks to Watch
Alibaba Group Holding Limited’s BABA logistics arm Cainiao Network Technology Co is gearing up for its Hong Kong initial public offering, becoming the first Chinese tech firm’s six business units to go public.
Alibaba has tapped banks, including China International Capital Corp LtdCNICF and Citigroup, IncC, to prepare for the IPO, Bloomberg reports.
The firm, worth over $20 billion, is targeting an IPO by 2023 end.
Alibaba will gradually explore giving up control of some of its main businesses, CEO Daniel Zhang said on a conference call on Thursday.
Cainiao, which promises to deliver packages in China within 24 hours and anywhere else in the world in 72 hours, clocked 27% year-on-year revenue growth in Q3 to 16.6 billion yuan ($2.4 billion).
