Alibaba offers to buy 36% stake in Cainiao for $3.75b as it drops IPO plan

Alibaba offers to buy 36% stake in Cainiao for $3.75b as it drops IPO plan

Alibaba Group sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song

Alibaba Group said on Tuesday it was offering to buy the 36% of Cainiao it does not already own for up to $3.75 billion, abandoning plans for an initial public offering (IPO) of the logistics business in Hong Kong.

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