Alibaba spinoff can deliver two recovery packages
Employees work at a warehouse of Cainiao, Alibaba's logistics unit in Wuxi, Jiangsu province, China October 26, 2020. Picture taken October 26, 2020. REUTERS/Aly Song - RC2VQJ961DNN
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Logistics unit Cainiao’s name may mean “rookie”, but the group is profitable and weaning itself off dependence on its parent. A successful IPO valuing it at $10 bln or more would warm up Hong Kong’s market and show Alibaba’s overhaul is on track after CEO Daniel Zhang’s exit.
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