Alibaba (BABA) closed at $85.91 in the latest trading session, marking a -1.5% move from the prior day.
(Bloomberg) -- Cainiao Smart Logistics Network Ltd., the logistics arm of Alibaba Group Holding Ltd., has filed for its Hong Kong initial public offering, potentially making it among the first of the Chinese ecommerce leader’s units to go public.Most Read from BloombergRepublican Moderates Turn to Rare Maneuver to Avoid Lengthy Government ShutdownDimon Warns 7% Fed Rate Still Possible, Times of India SaysIndians Have Five Days to Deposit $3 Billion in Soon-to-Be-Withdrawn BanknotesApple’s $59 Fa
SHANGHAI/HONG KONG (Reuters) -Alibaba Group on Tuesday kicked off its restructuring with a plan to list its logistics arm Cainiao in Hong Kong that would make the unit the first to be separated since the Chinese e-commerce giant announced its break-up six months ago. Alibaba said on Tuesday it had submitted an application to spin off Cainiao Smart Logistics Network to the Hong Kong stock exchange, but that financial terms such as the size of the offering had not been finalised. However, Alibaba, which holds a 69.54% stake in Cainiao, will continue to hold more than 50% of shares in Cainiao and it will remain a subsidiary of the company after the spin-off, Alibaba added.