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BLOOMBERG reports:

Cainiao Network Technology Co., the logistics arm of Alibaba Group Holding Ltd., has started preparations with banks for its Hong Kong initial public offering, people familiar with the matter said, paving way to be the first of the Chinese tech firm’s six business units to go public.

Banks including China International Capital Corp. and Citigroup Inc. are working with the company to prepare for the first-time share sale, the people said. The firm is targeting a listing as soon as the end of this year, said one of the people, asking not to be identified as the information is private. Cainiao is currently valued at more than $20 billion, the people said.

Cainiao hasn’t decided on the IPO size, while the timing is still subject to change depending on market conditions, the people said. A representative for Cainiao said the company doesn’t have a clear plan and timeline for an IPO…

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