Cainiao, Alibaba's logistics arm, submits IPO application in HK

On September 26, the Hong Kong Stock Exchange website revealed that Cainiao Network had submitted its application for listing, becoming the first business group under Alibaba's "1+6+N" initiative to enter the IPO process.

Cainiao is known as the world's largest cross-border e-commerce logistics company. According to the prospectus, Cainiao's total revenue for the fiscal year 2023 reached 77.8 billion yuan (US$10.64 billion), with adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) exceeding 2.8 billion yuan. Its compound annual growth rate over the past three years has reached 21 percent.