Alibaba Group Holding on Tuesday said it had scrapped plans to list its logistics unit Cainiao in Hong Kong, as it looks to prioritize growing its e-commerce business while facing challenging IPO market conditions.
FILE - The logo of Chinese technology firm Alibaba is seen at its office in Beijing on Aug. 10, 2021. Alibaba said Tuesday that it was withdrawing its initial public offering and listing application, and instead proposes purchasing all outstanding shares of Cainiao Smart Logistics Network.
“Given the strategic importance of Cainiao to Alibaba and the significant long-term opportunity we see in building out a global logistics network, we believe this is an appropriate time to double down on Alibaba’s investment in Cainiao,” said Joe Tsai, chairman of Alibaba Group. The scrapped IPO comes as Alibaba has set its focus on growing its cloud computing and e-commerce businesses. Alibaba’s e-commerce business has come under pressure from rivals such as PDD’s Pinduoduo and ByteDance’s Douyin, which often offer products at lower prices.Deal to end German rail strikes features a 35-hour work week with an option to work longer
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