Alibaba's logistics unit gears up for Hong Kong IPO this year

Alibaba's logistics unit gears up for Hong Kong IPO this year

FILE PHOTO: A person walks past a sign of Alibaba Group during the World Artificial Intelligence Conference, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, September 1, 2022. REUTERS/Aly Song

Alibaba Group Holding Ltd’s logistics arm Cainiao Network Technology has started preparations with banks for its Hong Kong initial public offering, Bloomberg News reported on Thursday, citing people familiar with the matter.