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.