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Alibaba to buy Cainiao stake for up to $3.75 billion as it drops IPO plan
Reuters
·
1y ago
Medial
Alibaba Group has announced its intention to acquire the remaining 36% of Cainiao, its logistics business, for up to $3.75 billion, rather than going ahead with plans for an IPO. Alibaba already holds a 64% stake in Cainiao. Chairman Joe Tsai cited the strategic importance of Cainiao and the long-term potential of building a global logistics network as reasons for the decision. Tsai also noted that the current capital market conditions in Hong Kong were not suitable for IPOs. The buyback is expected to be completed by June or July.
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Alibaba dumps logistics arm IPO; to buy rest of Cainiao stake for up to $3.8 billion
Economic Times
·
1y ago
Medial
Alibaba is offering to buy the remaining 36% stake in Cainiao for up to $3.75 billion, abandoning plans for an IPO. Alibaba, which already owns around 64% of Cainiao, sees the logistics business as strategically important and wants to build out a global logistics network. This move is part of Alibaba's restructuring plan, which has included a new CEO and a refocus on core businesses. The company believes that the reorganization will have a positive impact on its operating and financial metrics in the future.
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Alibaba group to scrap Hong Kong IPO plans of its logistics unit Cainiao
Money Control
·
1y ago
Medial
Alibaba Group has decided to abandon its plans for a Hong Kong IPO of its logistics unit, Cainiao. Instead, it is offering $3.75 billion to buy out the remaining 36 percent stake in the company. Chairman Joe Tsai believes there is a great opportunity for growth in expanding their global logistics network, hence the decision to focus on this business.
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China's Alibaba kicks off restructuring with plan to list logistics arm in Hong Kong
Economic Times
·
1y ago
Medial
Alibaba Group has initiated its restructuring plan by announcing its intention to list its logistics arm, Cainiao, in Hong Kong. This move follows Alibaba's announcement of its break-up plans six months ago. While the financial terms of the offering have not been finalized, Alibaba will retain over 50% of Cainiao's shares, making it a subsidiary of the company after the spin-off. The initial public offering (IPO) of Cainiao is expected to revive fundraising activities in Hong Kong, with the company aiming to raise between $1 billion and $2 billion.
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Alibaba calls off $1 billion IPO for Cainiao amid market slump
Livemint
·
1y ago
Medial
Alibaba Group has decided to cancel the initial public offering of its Cainiao logistics arm due to poor market conditions. This move comes as a result of waning stock markets and a general decline in confidence. Alibaba lost interest in the IPO after experiencing setbacks with its cloud unit listing in 2023. The company had planned to float its Freshippo grocery chain as well, but these plans have also been put on hold. Alibaba is currently undergoing a restructuring and is exploring options to sell off non-core holdings.
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HNIs line up as SoftBank offloads stake worth $310 Mn In IPO-bound FirstCry
Inc42
·
1y ago
Medial
Japanese tech investor SoftBank has reportedly sold a portion of its stake in FirstCry, an IPO-bound ecommerce unicorn, for $310 million. The shares were acquired by several high-net-worth individuals (HNIs), valuing FirstCry at a range of $3.5 billion to $3.75 billion. SoftBank still holds shares worth $800 million to $900 million, which it plans to sell at a later date. SoftBank aims to bring its stake in the company below 26% to avoid being classified as a promoter. FirstCry is preparing to file its draft red herring prospectus (DRHP) by December 29 for an IPO, targeting a valuation of $4 billion.
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Alibaba approves an additional $25 billion share buyback as its revenue disappoints
Economic Times
·
1y ago
Medial
Chinese ecommerce giant Alibaba Group Holding has approved an additional $25 billion for its share buyback program, following lower-than-expected sales revenue in Q4 2023. The company's Hong Kong shares fell 6.8% and its New York-listed stock price declined by 5.9%. Alibaba reported a 5% increase in sales to $36.67 billion in the quarter, missing analysts' estimates, with net income down 77% YoY. The firm cited falling revenues and declining values of equity investments. Alibaba faces competition from rivals such as Pinduoduo and ByteDance. The company also scrapped plans to list shares in its logistics unit Cainiao and its Freshippo grocery unit.
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Alibaba’s Cainiao plans to raise at least $1 billion in Hong Kong IPO soon
Economic Times
·
1y ago
Medial
Alibaba's logistics arm, Cainiao, is reportedly planning to raise at least $1 billion in an initial public offering (IPO) in Hong Kong soon. The IPO would help Cainiao in its efforts to expand and strengthen its logistics network, as the company aims to deliver goods within 24 hours in China and 72 hours globally. The move comes as e-commerce and online shopping continue to grow rapidly, increasing demand for reliable and efficient logistics services.
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With Cainiao buyback, Alibaba takes aim at rivals' overseas advance
Reuters
·
1y ago
Medial
Alibaba has decided against spinning off its logistics subsidiary, Cainiao, and instead plans to buy full control of the company. Analysts believe this move signifies Alibaba's recognition of increased competition from e-commerce rivals Shein and Temu in overseas markets. The decision is also part of Alibaba's strategy to improve its global marketplaces and regain market share from competitors. The company aims to invest in Cainiao's global network to reduce delivery times and leverage its logistics infrastructure as a differentiator in the overseas battle.
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Belgian intelligence service monitors Alibaba hub over 'espionage' worry: report
Economic Times
·
1y ago
Medial
Belgium's intelligence service is reportedly monitoring Alibaba's logistics hub in Liege, Europe's main logistics hub, over concerns of possible espionage or interference activities by Chinese entities, including Alibaba. The security service is particularly wary of Chinese legislation that obligates companies to share data with the Chinese authorities and intelligence services. Alibaba has denied any wrongdoing. The company had signed an agreement with the Belgian government in 2018 to establish an e-commerce trade hub run by Cainiao, its logistics arm.
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Coforge drops US listing plan, to raise $385 mn via India share sale
VCCircle
·
1y ago
Medial
Indian IT company Coforge has decided to raise capital from local markets instead of pursuing its initial public offering (IPO) in the US. The company withdrew its registration statement with the US Securities and Exchange Commission, citing its decision not to conduct a public offering at this time. Coforge had previously filed for a US IPO of up to $100m. Instead, the company now plans to raise approximately $385m through a share sale to institutional investors in India. The reasons for withdrawing the US listing plan were not specified.
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