Cainiao Smart Logistics Network, the logistics arm of Alibaba Group, filed its IPO prospectus to the Hong Kong Stock Exchange on 26 September 2023.

The Application Proof, as the substantially complete draft IPO prospectus is called, gives a good glimpse into Cainiao’s business operations, financials, competitive standing, and shareholders.

We have put together some highlights of the prospectus which we think are pretty relevant to stakeholders within the e-commerce and logistics ecosystem.

Here are some of the highlights:

International logistics is no longer the dominant contributor to Cainiao’s revenue


In 2022, Cainiao delivered > 1.5b parcels globally and fulfilled >2.3b orders in China

Alibaba holds the majority of the shares of Cainiao

Thanks for reading The Low Down (TLD), the blog by the team at Momentum Works. Got a different perspective or have a burning opinion to share? Let us know at [email protected].