Alibaba Stock News: Cainiao subsidiary to register for IPO as soon as next week

📆 9/22/2023 4:39 PM
📰 FXStreetNews

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Alibaba (BABA) stock surged more than 4% in Friday’s premarket after the Chinese ecommerce leader announced that its shipping and logistics business,

Shipping subsidiary Cainiao could file for an IPO next week.Cainiao is said to be seeking to raise at least $1 billion.surged more than 4% in Friday’s premarket after the Chinese ecommerce leader announced that its shipping and logistics business, Cainiao, will file for an initial public offering in Hong Kong as soon as next week.

The Jack Ma-founded ecommerce titan developed Cainiao in-house as its unit for operating worldwide delivery and shipping services for its primary ecommerce business, as well as AliExpress and Lazada.

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