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( ) -q-21- UNDATED (Correspondent Jeremy House) “as a subsidiary.”
Chinese e-commerce company Alibaba says it will spin off its logistics arm, Cainiao (CHAN yow) Smart Logistics Network, in an initial public offering in Hong Kong.
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TAG: Correspondent Jeremy House reporting. Alibaba currently owns nearly a 70% stake in Cainiao, its main delivery arm that handles logistics and parcels for merchants both in China and abroad.
VERBATIM: It’s the first business unit to go public following a major restructuring in Alibaba. The company said that it submitted a spin-off proposal to the Hong Kong Stock Exchange and that it has received confirmation to proceed. Alibaba will continue to me a majority shareholder in Cainiao, holding over 50% of the company and retaining it as a subsidiary.
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