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Alibaba Scraps Logistics Arm’s IPO After Market Turmoil Worsens
Alibaba Group Holding Ltd. is calling off an initial public offering for its Cainiao logistics arm, shelving a much-anticipated debut that could have raised more than $1 billion.
An employee sorts through orders at a Cainiao warehouse in Wuxi, Jiangsu province, China.Photographer: Qilai Shen/Bloomberg
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