Listing could happen as early as the end of 2023.

The first of the six business divisions of the Chinese internet company’s Alibaba Group Holding Ltd., Cainiao Network Technology Co., started preparing for its initial public offering in Hong Kong with banks.

CICC and Citi are working on a potential sale of shares.

The company is presently valued at over $20 billion and is looking for a listing later this year; however, the scale of the IPO has not yet been decided, and the timetable may alter depending on market conditions.

Alibaba Group Holding Ltd. has announced its intentions to divide its $20 billion company into six primary subsidiaries encompassing e-commerce, media, and cloud. At the proper moment, each division will consider raising money or going public.

Alibaba CEO Daniel Zhang stated that the digital giant would “explore phasing out control of some of its main operations.”

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