Alibaba shares sink after it shelves IPO plans for two units
CNN
Shares in Alibaba sank as much as 7% in Hong Kong on Thursday, after the Chinese tech giant reported disappointing sales figures and announced it would suspend listings plans for two of its units.
Shares in Alibaba sank as much as 7% in Hong Kong on Thursday, after the Chinese tech giant reported disappointing sales figures and announced it would suspend listings plans for two of its units. Chairman Joseph Tsai said during an earnings call that “given the challenging market conditions,” the group was “not in a hurry” about the timing of initial public offerings (IPO) for Cainiao, its logistics arm, and Freshippo, its grocery chain. “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. Alibaba said in September that it would spin off Cainiao in an IPO. Supermarket chain Freshippo’s listing plans go back much further, to July 2022, according to Reuters. The news comes at a tough time for the tech giant. In December, the company reshuffled its top ranks after the stellar performance of a competitor caused a stir at Alibaba. Just weeks before, co-founder Jack Ma had called for “change” at the company, after the dramatic success of rival PDD (PDD), the group behind Chinese online shopping giant Pinduoduo and US-based retail upstart Temu, rattled China’s e-commerce industry.
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