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Alibaba group to scrap Hong Kong IPO plans of its logistics unit Cainiao

The Chinese e-commerce giant Alibaba Group said it's offering up to $3.75 billion to buy out the 36 percent stake it does not already own in Cainiao. Group Chairman Joe Tsai said there was "significant long-term opportunity" in building out a global logistics network, saying the firm had decided to double down on the business. Watch for more details

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