07:09 AM EDT, 03/26/2024 (MT Newswires) -- Alibaba Group Holding ( BABA ) said Tuesday its subsidiary Cainiao Smart Logistics Network has withdrawn its initial public offering and listing application on the Hong Kong Stock Exchange.

Alibaba ( BABA ) said it plans to offer minority shareholders of Cainiao an opportunity to sell their stakes to Alibaba Group ( BABA ) for $0.62 per share, representing a total consideration of up to $3.75 billion.

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