3 6 Ke·2024-03-27 11:17Core Viewpoint - Alibaba has withdrawn the IPO application for Cainiao and plans to spend 27 billion yuan to buy back minority shareholders' stocks, citing unfavorable global market conditions for capital market transactions [1][2] Group 1: IPO Withdrawal Reasons - The primary reason for the withdrawal of Cainiao's IPO is the inability to meet valuation expectations, as the global market is currently sluggish and lacks liquidity [1] - Alibaba's Chairman, Cai Chongxin, emphasized that the decision was based on strategic considerations and the actual progress of Cainiao's IPO, with no regulatory pressure involved [1] Group 2: Strategic Focus - Cai stated that Cainiao should focus on deep integration with Alibaba's e-commerce business to enhance competitiveness rather than being distracted by the IPO process [1] - Alibaba plans to continue significant strategic investments in the logistics sector to support Cainiao's global expansion plans [1] Group 3: Shareholder Buyback - Alibaba intends to spend $3.75 billion to acquire minority shares and employee equity in Cainiao, addressing concerns about the inability to realize value through an IPO [1] - The buyback is expected to be completed by June or July [1] Group 4: Global Expansion Goals - Cainiao aims to leverage its experience in the Chinese market to expand globally, with a focus on enhancing its logistics network [2] - Recent upgrades to the "Global 5-Day Delivery" service include new countries such as Germany, France, Portugal, Saudi Arabia, the United States, and Mexico [2] Group 5: Strategic Asset Management - Cai confirmed that there are no plans to change Alibaba's holdings in express delivery companies, viewing these investments as strategic [2] - Alibaba has been divesting non-core assets while maintaining significant stakes in major express delivery companies [2]