Alibaba Group (BABA) has released an update.
Alibaba Group has retracted its subsidiary Cainiao’s IPO filing on the Hong Kong Stock Exchange and is proposing to buy out Cainiao’s minority shareholders at $0.62 per share, which could total up to $3.75 billion. The group intends to integrate Cainiao’s operations more closely with Alibaba’s core businesses to enhance strategic synergies and support Cainiao’s expansion of its global logistics network.
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