9/26, 11:43 AM (Source: TeleTrader)
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Alibaba announces Cainiao spinoff in HK

Alibaba Group Holding Ltd. formally announced on Tuesday its intention to spin off Cainiao Smart Logistics Network Ltd. and list it on the Hong Kong Stock Exchange. Alibaba first revealed the plan for Cainiao's initial public offering (IPO) in May.

According to the statement, Cainiao will remain Alibaba's subsidiary after the IPO, with the e-commerce giant retaining over 50% of the shares. The details of the size and structure of the spinoff, as well as Alibaba's exact stake in the logistics firm, are yet to be finalized. Alibaba said the IPO should "better reflect the value of Cainiao Group on its own merits" and increase its transparency separately from its parent company.

Baha Breaking News (BBN) / DJ