(Adds details on planned IPO, background)
March 30 (Reuters) - Alibaba Group Holding Ltd's logistics arm Cainiao Network Technology has
started preparations with banks for its Hong Kong initial public
offering, Bloomberg News reported on Thursday, citing people
familiar with the matter.
Banks including China International Capital Corp and Citigroup Inc are working with the company to prepare
for the first-time share sale, according to the report.
Cainiao is targeting a listing as soon as the end of this
year and the firm hasn't decided on the IPO size, while the
timeline is still subject to changes depending on market
conditions, Bloomberg News reported.
The logistics unit is currently valued at more than $20
billion, the report said.
Cainiao, CICC and Citigroup did not immediately respond to
Reuters' requests for comment.
The report comes after Alibaba said earlier this week it was
planning to split into six units and explore fundraisings or
listings for most of them.
(Reporting by Eva Mathews in Bengaluru; Editing by Shounak
Dasgupta)
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