Alibaba Unit IPO Will Test Demand in Slowest Hong Kong Market in Decades
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The planned initial public offering of Alibaba Group Holding Ltd.’s logistics arm will be a key test of demand in Hong Kong’s languishing deals market.
Cainiao Smart Logistics Network Ltd. on Tuesday became the first Alibaba unit to file for an IPO since the tech giant split into six entities in March. The share sale is expected to raise at least $1 billion, Bloomberg News reported earlier, which would make it the largest in Hong Kong since battery maker CALB Co.’s debut in October 2022.