Alibaba scraps IPO of logistics unit Cainiao, says it will take full ownership

Alibaba said Tuesday it is cancelling the proposed initial public offering of its Cainiao smart logistics unit.

Alibaba said Tuesday it is canceling the proposed initial public offering of its Cainiao smart logistics unit.

Joe Tsai, Alibaba's chairman, said in a statement the company took the decision to pull the Cainiao IPO as"we believe this is an appropriate time to double down" on the logistics business.on Tuesday said it was scrapping a planned initial public offering for its smart logistics unit Cainiao, adding to recent woes for the former Chinese tech darling.

As of around 6:50 a.m. ET, Alibaba's American depositary receipt were virtually unchanged in U.S. premarket trading Tuesday. The offer values Cainiao at $10.3 billion, Alibaba said. Cainiao, which Alibaba first launched in May 2013, provides warehousing and fulfillment services, last-mile delivery and pick-up posts, and reverse logistics to customers of Alibaba's Taobao and Tmall e-commerce sites.

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