Summary by Moomoo AI
Alibaba Group Holdings Limited (the “Alibaba Group”) announces that its logistics subsidiary Cannibal Intelligent Logistics Network Limited (“Cabbage”) has withdrawn its initial public offering and listing application on the Hong Kong Stock Exchange. Alibaba Group also plans to issue a purchase offer to a few shareholders of Cabbage at a price of $0.62 per share, with a total price of up to $37.5 billion. The move will enable Alibaba Group to increase its shareholding in Raviar, which currently has a fully diluted shareholding of approximately 63.7%. Upon completion of the agreement, Alibaba Group plans to realign portions of the Cabbage business to facilitate strategic partnerships with Natutian Group and Ali International Digital Business Group, and support the long-term strategic expansion of Cabbage's global network. Alibaba Group will hold a conference call on 26 March 2024 to discuss the latest progress in this withdrawal of the listing application and purchase offer.