Alibaba (BABA) closed at $85.91 in the latest trading session, marking a -1.5% move from the prior day.
SHANGHAI/HONG KONG (Reuters) -Alibaba Group on Tuesday kicked off its restructuring with a plan to list its logistics arm Cainiao in Hong Kong that would make the unit the first to be separated since the Chinese e-commerce giant announced its break-up six months ago. Alibaba said on Tuesday it had submitted an application to spin off Cainiao Smart Logistics Network to the Hong Kong stock exchange, but that financial terms such as the size of the offering had not been finalised. However, Alibaba, which holds a 69.54% stake in Cainiao, will continue to hold more than 50% of shares in Cainiao and it will remain a subsidiary of the company after the spin-off, Alibaba added.
Investing.com -- Alibaba has announced that it plans to list its Cainiao logistics division on the Hong Kong Stock Exchange, signalling a major advancement in a massive shakeup of the Chinese e-commerce giant's operations.In a regulatory filing on Tuesday, Alibaba said it had submitted an application to spin off its Cainiao Smart Logistics Network, although the terms of the move have yet to finalized.