Alibaba scraps IPO of logistics unit Cainiao, says it will take full ownership
Publishing timestamp: 2024-03-26 07:53:23
Summary
Alibaba cancels IPO for Cainiao smart logistics unit, citing deteriorating market conditions in China. Instead, Alibaba will buy remaining shares of Cainiao it doesn't already own. This decision comes as Chinese tech stocks have been performing poorly in the past year.
Sentiment: NEGATIVE
Tickers: BABA,
Keywords: alibaba group holding ltd, technology, breaking news: economy, economy, breaking news: technology, breaking news: markets, business news, markets,
Source: https://www.cnbc.com/2024/03/26/alibaba-baba-scraps-cainiao-ipo-offers-full-ownership.html