HONG KONG -- Alibaba Group Holding is "not in a hurry" to proceed with initial public offerings of Cainiao Smart Logistics and brick-and-mortar chain Freshippo, Chairman Joe Tsai said in an earnings call on Wednesday night, citing challenging market conditions.
"Market conditions currently are just not in a state where we believe we can really truly reflect value, the intrinsic value of these businesses," Tsai said when a Barclays analyst asked about the time frame for IPOs of the two businesses.
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