Alibaba cancels planned IPO of logistics unit Cainiao

Alibaba cancels planned IPO of logistics unit Cainiao

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E-commerce group has proposed buying all outstanding shares

Alibaba currently holds a 64% stake in Cainiao.

  © Reuters

CISSY ZHOU, Nikkei staff writer | China

HONG KONG — Alibaba Group has canceled the planned listing of its logistics arm Cainiao Smart Logistics Network, the latest reversal of the e-commerce conglomerate’s grand restructuring plan.

Alibaba announced on Tuesday that the application for the initial public offering in Hong Kong had been withdrawn. It also proposed purchasing all outstanding shares of Cainiao, up to $3.75 billion, after which Alibaba will take full ownership.

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