Alibaba Group Holding Limited‘s latest financial report shows that Cainiao achieved a revenue of 22.823 billion yuan (approximatly ＄3.2 billion) this quarter, with a year-on-year growth of 25%. Compared to the quarterly reports of major domestic logistics companies, Cainiao’s growth rate of 25% is the highest in the industry. It is understood that although Cloud Intelligence Group has completely halted its spin-off and Freshippo’s IPO plan has been postponed, Cainiao’s IPO is proceeding as planned.
After submitting the IPO application on September 26th, Cainiao recently received feedback from the China Securities Regulatory Commission (CSRC) requesting additional materials. This is a common process for companies seeking overseas listings. During the financial report conference call, Chairman of Alibaba Group Holding Limited, Joseph Tsai, stated: “We have full confidence in the fundamentals of Cainiao’s business.”
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