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BRIEF-Alibaba chairman points to "depressed" market after Cainiao IPO withdrawal
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BRIEF-Alibaba chairman points to "depressed" market after Cainiao IPO withdrawal
Mar 26, 2024 7:32 AM

March 26 (Reuters) - Alibaba Group Holding Ltd ( BABA )

:

* ALIBABA ( BABA ) CHAIRMAN: SAW NEED TO REACH DEEP INTEGRATION

BETWEEN

CAINIAO AND ALIBABA'S E-COMMERCE BUSINESSES TO WIN MARKET SHARE

AND DRIVE GROWTH

* ALIBABA ( BABA ) CHAIRMAN: GIVEN CHALLENGING MARKET CONDITIONS, IT

WAS

CLEAR THAT TAKING CAINIAO PUBLIC NOW WOULD NOT BE CONSISTENT

WITH OUR LONG TERM STRATEGY

* ALIBABA ( BABA ) CHAIRMAN: THE IPO'S ACHIEVABLE VALUATION WOULD NOT

HAVE

REFLECTED CAINIAO'S TRUE VALUE

* ALIBABA ( BABA ) CHAIRMAN: THE OFFER TO MINORITY SHAREHOLDERS

VALUES

CAINIAO AT $10.3 BILLION

* ALIBABA ( BABA ) CHAIRMAN: ON CAPITAL MANAGEMENT FRONT WE HAVE MADE

SIGNIFICANT PROGRESS IN SELLING NON CORE ASSETS

* ALIBABA ( BABA ) CHAIRMAN: THE MARKET IN THIS PART OF THE WORLD IS

DEPRESSED, THERE'S ALSO A LACK OF LIQUIDITY SO IT DOESN'T MAKE

SENSE FOR US TO GRIND INTO THESE DEALS IF IT DOESN'T UNLOCK

VALUE FOR SHAREHOLDERS

* ALIBABA ( BABA ) CHAIRMAN: ALIBABA HAS A STRONG BALANCE SHEET, CASH

FLOW

AND WE WILL SUPPORT CAINIAO TO MAKE THESE INVESTMENTS

* ALIBABA ( BABA ) CHAIRMAN: WE TAKE A LONG TERM PERSPECTIVE ON

GLOBAL

E-COMMERCE, IN THE FUTURE THIS IS GOING TO BE AN EVEN BIGGER

MARKET

* ALIBABA ( BABA ) CHAIRMAN: RIGHT NOW WE DON'T HAVE ANY PLANS TO

MAKE ANY

CHANGES TO OUR STAKES IN EXPRESS DELIVERY COMPANIES

* ALIBABA ( BABA ) CHAIRMAN: TO MAKE MORE DISCLOSURES ON RETURN OF

CAPITAL

TO SHAREHOLDERS IN COMING MONTHS

* ALIBABA ( BABA ) CHAIRMAN: REGULATION PLAYED NO ROLE IN OUR

DECISION TO

WITHDRAW THE CAINIAO IPO

* ALIBABA CFO: AIMS TO COMPLETE THE CAINIAO SHARE REPURCHASE

BY

JUNE OR JULY, TO FUND SHARE PURCHASE FROM ALIBABA'S EXISITING

LIQUIDITY

Further company coverage:

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