Dramatic disintegration of the Chinese giant "Alibaba"
Alibaba restructures itself into six units (Getty)
Alibaba Holding Group announced on Tuesday that it intends to separate its subsidiary, Sinao Smart Logistics Network, the logistics arm of the Chinese e-commerce empire, through an initial public offering in Hong Kong.
Sinao will be among the first Alibaba units to go public following the dramatic breakup of the tech giant, which was revealed earlier this year.
The US Bloomberg Agency reported earlier that the IPO could raise at least a billion dollars, and that banks including Citigroup and JPMorgan are working on the deal.
Alibaba co-founded Sinao in 2013, and relied heavily on it to deliver its products to its markets in China via the Internet. The unit followed in Alibaba's footsteps in the global e-commerce arena, handling packages for millions of merchants and brands on platforms such as AliExpress and Lazada in Southeast Asia.
"Sinao" means beginner or amateur in Chinese, and the company promises to deliver packages in China within 24 hours, and anywhere else in the world within 72 hours, according to its website. It also operates on more than 300 international routes in partnership with more than 3,000 logistics partners.
Earlier this September, former Alibaba CEO Daniel Zhang resigned from his position as head of the cloud computing unit, in a surprise move, as the company completed a leadership reshuffle, adding another state of uncertainty to the company that is in the process of splitting up the company. Complicated. Alibaba has restructured itself into six business units, with the aim of eventually separating most of them and merging them to maximize shareholder returns.
Source: websites