Alibaba Group To Scrap Hong Kong IPO Plans Of Its Logistics Unit Cainiao

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The Chinese e-commerce giant Alibaba Group said it's offering up to $3.75 billion to buy out the 36%-stake it does not already own in Cainiao. Group Chairman Joe Tsai said there was "significant long-term opportunity" in building out a global logistics network, saying the firm had decided to double down on the business. Watch for more details.
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