Alibaba (NYSE:BABA) Group Holding Limited (BABA) announced that its logistics subsidiary Cainiao Smart Logistics Network Limited (“Cainiao”) has withdrawn its initial public offering and listing application on the Hong Kong Stock Exchange.
At the same time, Alibaba Group plans to offer to minority shareholders of Cainiao (including employees) an opportunity to sell all of the outstanding shares of Cainiao held by them to Alibaba Group for US$0.62 per share, representing a total consideration of up to US$3.75 billion (the “Offer”). Cainiao shareholders may choose to accept the Offer and sell their shares to Alibaba Group for cash consideration or continue to own Cainiao shares. Alibaba Group owns approximately 63.7% of the fully-diluted equity interest in Cainiao (including vested equity interests under Cainiao’s employee share ownership plan).
After completion of the Offer, Alibaba Group plans to align Cainiao’s business to better realize strategic synergies with Taobao and Tmall Group and Alibaba International Digital Commerce Group, as well as support Cainiao to execute a long-term strategic expansion of its global logistics network.
Alibaba Group will hold a conference call to discuss this new development on Tuesday, March 26, 2024 at 9:30 p.m. Hong Kong Time (9:30 a.m. U.S. Eastern Time). Participants may join the conference call by webcast or conference call by following the links below:
Webcast registration link (English and Chinese): https://alibaba-group-conference-call.open-exchange.net/
Conference call registration link:
(English): https://alibaba-group-conference-call-dial-in-en.open-exchange.net/
(Chinese): https://alibaba-group-conference-call-dial-in-cn.open-exchange.net/