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On the evening of September 26, information on the website of the Hong Kong Stock Exchange showed that Cainiao has officially submitted a listing application to the Hong Kong Stock Exchange, becoming the first business group to officially enter the IPO process after Alibaba’s “1+6+N”. The joint sponsor is Citigroup , CITIC Securities and JPMorgan Chase. This afternoon, Alibaba announced that it plans to spin off Cainiao and list it in Hong Kong.
Cainiao was founded in 2013 and registered as an exempted limited liability company in the Cayman Islands on May 20, 2015. Its main business includes international logistics, domestic logistics and technology, and other services.
The prospectus application shows that with its unique “e-commerce and technology” genes, Cainiao has redefined the standards of the logistics industry through continuous innovation and has achieved industry leadership in multiple business areas. The company has grown from an initial technology platform into a global smart logistics network, directly building and operating a number of key facilities in strategic locations, including two comprehensive e-commerce logistics hubs (e-Hub), more than 1,100 with a total area of approximately 16.5 million square meters of warehouses, and has more than 380 logistics distribution centers and 170,000 stations around the world. Among them, the warehouse area directly used for cross-border logistics reaches about 3 million square meters, ranking first in the world.
In fiscal year 2023, Cainiao’s total revenue is 77.8 billion yuan, with an average annual compound growth rate of 21% in the past three years. Cainiao’s profitability also continues to increase, with adjusted EBITDA exceeding 2.8 billion yuan in fiscal year 2023. In fiscal year 2021, fiscal year 2022, fiscal year 2023, and the three months ending June 30, 2023, revenue from the largest customer Alibaba Group accounted for 29.2%, 30.8%, 28.2% and 28.2% of Cainiao’s total revenue in each period respectively. 29.7%.
Source: Shanghai Securities News
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