Alibaba scraps planned IPO of Cainiao logistics unit as it doubles down on e-commerce

Retrieved on: 2024-03-26 15:24:09

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Alibaba scraps planned IPO of Cainiao logistics unit as it doubles down on e-commerce. View article details on HISWAI: https://www.zeebiz.com/companies/news-alibaba-scraps-planned-ipo-of-cainiao-logistics-unit-as-it-doubles-down-on-e-commerce-281712

Summary

Bytedance is not directly mentioned in the article; however, Alibaba Group, which faces competition from Bytedance's Douyin, is refocusing on e-commerce, canceling Cainiao's IPO, and plans to buy all remaining shares, valuing the logistics unit at $10.3 billion.

Article found on: www.zeebiz.com

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