:China's Alibaba Group Holding Ltd is putting a potential Hong Kong initial public offering of its Freshippo grocery chain on hold amid weak sentiment for consumer stocks, Bloomberg News reported on Friday, citing sources.The Chinese technology conglomerate has concluded it could likely achieve a valuation of
(Reuters) -China's Alibaba Group Holding Ltd is putting a potential Hong Kong initial public offering of its Freshippo grocery chain on hold amid weak.
The Chinese technology conglomerate has concluded it could likely achieve a valuation of around $4 billion for Freshippo, which is lower than the $6 billion to $10 billion it was targeting when it considered raising a private funding round last year, according to the report. Alibaba said in May that Freshippo's IPO would be completed in six to 12 months and that it was also considering listing its logistic unit, Cainiao. Alibaba's capital management committee, which is overseeing the breakup of the company, recently decided to wait for a more favorable market before moving forward with a Freshippo IPO and will prioritize listings of other units, the report added.
China s Alibaba Group Holding Ltd
is putting a potential Hong Kong initial public
offering of its Freshippo grocery chain on hold amid weak
sentiment for consumer stocks, Bloomberg News reported on. -Today at 10:24 am- MarketScreener
The Chinese technology conglomerate has concluded it could likely achieve a valuation of around $4 billion for Freshippo, which is lower than the $6 billion to $10 billion it was targeting when it considered raising a private funding round last year, according to the report.