On June 21, according to people familiar with the matter, CICC withdrew from the bank lineup for Cainiao Group's initial public offering (IPO) in Hong Kong, replacing it with CITIC Securities and JPMorgan Chase.。

At present, the logistics sector companies listed on the HKEx have begun to take shape.。According to incomplete statistics, these enterprises include Jingdong Logistics, Zhongtong Express, Yuantong Express International, Aneng Logistics, Fast Dog Taxi, etc., as well as Shunfeng Group's Shunfeng City, Shunfeng Housing Trust, Kerry Logistics.。In addition, at least three other logistics giants will be landing in Hong Kong in the future, including Cainiao Group, Extreme Rabbit Express and SF Holdings, which wants to go to Hong Kong for a secondary listing.。

During this period, CICC was also acting as a co-sponsor of Cainiao's rival, Extreme Rabbit Express, and to avoid identity conflicts, the bank could only be excluded from the list of offering banks.。Consideration of the list of offering banks is currently ongoing and does not rule out continued changes。Excluding CICC, the banks currently involved in the rookie IPO project include Citigroup, CITIC Securities and JPMorgan Chase.。

Regarding the opportunity for Cainiao to go to Hong Kong for an IPO, it is mainly due to Ali's announcement at the end of March this year of one of the largest internal organizational changes in history.。Zhang Yong, then chairman and CEO of Alibaba Group, issued a full letter, according to the letter, Ali Group will build a "1 + 6 + N" organizational structure: under Alibaba Group, six major business groups, including Alibaba Cloud Intelligence, Taobao Tmall Business, International Digital Business, Local Life, Cainiao, Big Entertainment, and "N" business companies (such as Ali Health, Box Horse, etc.), will be established, and other companies will operate independently accordingly。

Zhang Yong also said in the letter that the market is the best litmus test, and that in the future, qualified business groups and companies will have the possibility of independent financing and listing.。He hopes: "Alibaba will be able to grow a number of listed companies in the future, a number of listed companies will be able to have children again after a few years, and a few more listed companies will come out."。In this way, Alibaba's business is really heading for prosperity. "

Sure enough, in mid-May, Alibaba officially announced the listing plan of Cainiao Group, which is expected to be completed in the next 12 to 18 months.。According to Alibaba's disclosure, the company holds a 67% stake in Cainiao Group, which also means that this time Cainiao will choose to split the listing route and complete the offering on the Hong Kong Stock Exchange.。

It is reported that Cainiao is currently Alibaba's third-largest business group in terms of revenue, second only to Taobao Tmall and the cloud business, and is also the fastest-growing sub-group of the group.。According to Alibaba's quarterly results, Cainiao's revenue during the reporting period mainly came from its domestic and international one-stop logistics services and supply chain management solutions, offsetting the impact of cross-segment transactions, which amounted to RMB136..1.9 billion yuan, compared with 115 yuan in the same period in 2022..8.2 billion yuan up 18%。

It is worth noting that although Cainiao's revenue has increased rapidly in recent years, it is still not out of the loss state, and it is understood that Cainiao Group's adjusted EBITA for fiscal year 2023 is a loss of RMB 3.9.1 billion yuan。Operating cash flow bottlenecks are also an important reason why rookies need to be the vanguard of Ali's listing.。

On June 21, Cainiao Group also ushered in a major personnel change, the group's current chairman, while also serving as executive vice chairman of Ali Group, Cai Chongxin will become chairman of the board of directors of Alibaba Holding Group.。It is understood that the 59-year-old Cai Chongxin is Ma Yun's confidant, but also Ali in 1999 when the initial business of the "18 Arhats"。He served as CFO of the group and led the company's New York listing in 2014, before being responsible for the company's strategic investments.。

On his first day in office, Cai Chongxin took the initiative to appear in the office area of Cainiao Group, not forgetting the original intention.。I believe that with the escort of Ali elders, rookie's plan to go public will gradually stabilize.。