HONG KONG -- Initial public offerings on the Hong Kong Stock Exchange are still on track for the worst year in over two decades despite Alibaba Group Holding's move to list its logistics arm for more than $1 billion.
Cainiao Smart Logistics Network intends to raise at least $1 billion under plans announced Tuesday in what would be the largest IPO in Hong Kong this year, surpassing Chinese baijiu maker ZJLD Group raising 5.3 billion Hong Kong dollars ($676 million) in April.
