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Alibaba dumps logistics arm IPO; to buy rest of Cainiao stake for up to $3.8 billion
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Alibaba Group said on Tuesday its logistics unit, Cainiao Smart Logistics Network, has withdrawn its initial public offering and listing application on the Hong Kong Stock Exchange.
Alibaba, which holds around 64% stake in Cainiao, said it is offering to acquire the remaining stock for up to $3.75 billion.
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Offering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisit The e-commerce giant had in September last year kicked off its restructuring with a plan to list the logistics arm in Hong Kong.
Alibaba is offering to minority shareholders of Cainiao an opportunity to sell all the outstanding shares in the logistics firm held by them to Alibaba for $0.62 per share, a statement said.
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