By P.R. Venkat
Alibaba Group Holding's e-commerce logistics arm has filed an initial prospectus for an initial public offering in Hong Kong.
Cainiao Smart Logistics Network has appointed Citigroup, Citic Securities and J.P. Morgan as joint sponsors for the offering, according to the prospectus filed Tuesday.
Cainiao was founded by Alibaba and other partners in 2013 to provide logistics services for buyers and sellers on the Chinese company's e-commerce platforms.
The company's suppliers primarily include service providers for line-haul transportation and express delivery, mainly from China.
Cainiao's revenue for the third quarter ended June rose 34% on year to 23.16 billion yuan ($3.17 billion).
The company intends to use the proceeds from the planned offering for business expansion and acquisitions, the prospectus showed.
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(END) Dow Jones Newswires