The planned IPO, the size of which has not been reported
before, is likely to be launched in early 2024, two of the
sources said.
The sources cautioned that the plans are not finalised yet
and remain subject to changes.
Cainiao said it would not comment on market speculation.
Alibaba did not respond to a request for comment.
(Reporting by Scott Murdoch in Sydney and Julie Zhu in Hong
Kong; Editing by Sumeet Chatterjee and Jamie Freed)
By Scott Murdoch and Julie Zhu
SYDNEY/HONG KONG, May 8 (Reuters) - Alibaba's logistics arm aims to raise up to $2 billion via a listing in
Hong Kong likely early next year, sources with knowledge of the
matter said, bolstering hopes for a capital markets revival in
the Asian financial hub.
Cainiao Network Technology's initial public offering (IPO)
plan comes after Alibaba flagged in late March it would split
its business into six units and that most of them would explore
capital raisings or market debuts to help fund future growth.
Cainiao, which has started work on the IPO, is looking to
raise between $1 billion and $2 billion in Hong Kong, according
to three sources. They declined to be named because the listing
deliberations are private.
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