• Alibaba Group Holding Limited's (NYSE: BABA) logistics arm Cainiao Network Technology Co is gearing up for its Hong Kong initial public offering, becoming the first Chinese tech firm's six business units to go public.

• Alibaba has tapped banks, including China International Capital Corp Ltd (OTC: CNICF) and Citigroup, Inc (NYSE: C), to prepare for the IPO, Bloomberg reports.

• The firm, worth over $20 billion, is targeting an IPO by 2023 end.

• Also Read: Alibaba's Split Sparks Layoff Concerns, CEO Zhang Authority Weakens As He Failed To Boost Share Price

• Alibaba this week shared plans to split its $250 billion business into six main units encompassing e-commerce, media, and the cloud.

• Each business will explore fundraising or IPO.

• Alibaba will gradually explore giving up control of some of its main businesses, CEO Daniel Zhang said on a conference call on Thursday.

• Cainiao, which promises to deliver packages in China within 24 hours and anywhere else in the world in 72 hours, clocked 27% year-on-year revenue growth in Q3 to 16.6 billion yuan ($2.4 billion).

• Mizuho analyst James Lee reiterates Alibaba with a Buy and maintains a $155 price target.

• Price Action: BABA shares traded higher by 3.79% at $103.71 on the last check Thursday.

• Photo by  Rico Shen via Wikimedia

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This article Alibaba's Cainiao Logistics Division Prepares For IPO By 2023 originally appeared on Benzinga.com

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