Alibaba says its global digital business has no plans for an IPO - PingWest
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Alibaba says its global digital business has no plans for an IPO
Alibaba says its global digital business has no plans for an IPO
9 hours ago
Alibaba's global digital business unit is exploring an IPO in the US, Bloomberg reported on Thursday, citing people familiar with the matter.
According to the report, the Chinese e-commerce giant has just started considering an IPO and is reportedly in talks with banks that could help prepare for a debut next year.
Shortly after the news broke, however, Alibaba denied the report, saying the business unit currently has no plans for an IPO.
In March, Alibaba underwent a large-scale restructuring, dividing itself into six business groups. These groups include Cloud Intelligence Group, Taobao Tmall Business Group, Local Services Group, Global Digital Business Group, Cainiao Smart Logistics, and Digital Media and Entertainment Group.
Each group will be independently managed by its own chief executive and board, and would be able to raise outside funding and potentially pursue its own IPO.
Global Digital Business Group mainly includes Singapore-headquartered e-commerce platform Lazada, cross-border e-commerce platform AliExpress, Turkey-based e-tailer Trendyol, Pakistan's largest e-commerce retail platform Daraz, and wholesale service platform Alibaba.com.
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