(Bloomberg) — Cainiao Network Technology Co., the logistics arm of Alibaba Group Holding Ltd., is planning to file for its Hong Kong initial public offering as soon as next week, according to people familiar with the matter, potentially making it among the first of the Chinese tech firm’s units to go public.
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The company is targeting to raise at least $1 billion in the share sale though it’s still early to decide on the valuation, said the people, who asked not to be identified as the information is private. No final decision has been made and details could still change, the people said.
A representative for Cainiao declined to comment, while a representative for Alibaba referred Bloomberg News query back to Cainiao.
Shares of Alibaba extended gains in Hong Kong on Friday after the Bloomberg News report. The stock rose as much as 3.3% in its biggest intraday advance in almost three weeks.
An application could see Cainiao pull ahead of Alibaba’s other units…
2023-09-22 02:26:07
Article from finance.yahoo.com
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