Alibaba withdraws Cainiao IPO

Hong Kong, 26th March: The leading e-commerce company in China, the Alibaba Group, announced plans to withdraw the initial public offering (IPO) and the listing application of its logistics subsidiary, Cainiao Smart Logistics Network Limited. The company was expected to be listed on the Hong Kong Stock Exchange (HKEX).

At the same time, Alibaba also announced plans buy the outstanding shares from the minority shareholders of Cainiao. Alibaba will pay US$0.62 per share, which represents a total consideration of up to US$3.75 billion. Alibaba currently owns approximately 64% of fully-diluted equity interest in Cainiao.