Alibaba Cancels $1B Cainiao IPO Amid Unfavorable Market Conditions
• Alibaba scraps plans for $1B+ IPO of Cainiao logistics arm due to poor market conditions • Second time Alibaba has nixed a high-profile IPO (previously cloud business in 2023) • Cainiao handles many parcels for Alibaba's e-commerce business and was a fast-growing enterprise • Alibaba also postponed IPO plans last year for its Freshippo grocery chain • Alibaba chairman said no hurry to IPO Cainiao due to market conditions; Alibaba looking to sell some non-core assets