- Alibaba’s logistics unit is seeking Hong Kong IPO.
- Bloomberg: Citigroup is speaking with Cainiao.
- Valuation said to be $20 billion.
- BABA makes its up to $103-$105 resistance zone.
Alibaba (BABA) stock has advanced as much as 4% on Thursday after the logistics subsidiary of China’s ecommerce leader was reportedly already shopping banks for an IPO. Cainiao Network Technology, Alibaba’s logistics arm, is speaking with bankers at China International Capital and Citigroup, according to reporting by Bloomberg.
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