Alibaba plans to list its logistics unit Cainiao on the Hong Kong Stock Exchange, the Chinese e-commerce giant said in a regulatory filing on Tuesday.
Alibaba will continue to hold more than 50% of the shares of Cainiao after the spinoff.
The move is part of one of the most radical shake-ups in Alibaba’s history. In March, the company said it will split its structure into six business units, the majority of which will be able to raise outside funds and go public.
Cainiao is the first of these businesses to officially file for an initial public offering (IPO).
Alibaba said the Hong Kong Stock Exchange has confirmed that the Cainiao listing may go ahead. The exchange did not immediately respond to a CNBC request for comment.
Details have yet to surface on the pricing of shares or on the expected listing date.
This is a breaking news story. Please check back for more.
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