Alibaba has put on hold the planned listing of its logistics arm, which bankers had hoped to take to market at a $20bn valuation, blaming market conditions.
Chair Joe Tsai told analysts in a call on Wednesday that the company’s plans for an initial public offering of Cainiao, its logistics unit, and supermarket chain Freshippo had included a “caveat”, which was “that all these transactions were subject to market conditions”.
“Market conditions currently are just not in a state where we believe we can really truly reflect the true intrinsic value of these businesses,” he said.
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