(Updated - September 22, 2023 4:43 AM EDT)
Alibaba 's (NYSE:BABA) Cainiao Plans To File For $1 Billion+ HK IPO Soon - Bloomberg
- The logistics arm of Alibaba Group Holding Ltd., is planning to file for its Hong Kong initial public offering as soon as next week.
- The company is targeting to raise at least $1 billion in the share sale though it’s still early to decide on the valuation.
- No final decision has been made and details could still change.
- The logistics unit has been working with banks including Citic Securities Co., Citigroup Inc (NYSE:C). and JPMorgan Chase & Co. (NYSE:JPM)
- Alibaba is putting the Hong Kong IPO of its Freshippo grocery chain on the backburner amid weak sentiment for consumer stocks in China