Alibaba Group (BABA) has released an update.
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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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