RTR: China's Fosun seeks to sell stake in Alibaba's logistics arm Cainiao – sources

REUTERS reports:

Debt-laden Chinese conglomerate Fosun International (0656.HK) is seeking to offload a minority stake in Alibaba Group’s (9988.HK) logistics arm Cainiao, in a deal that could fetch up to $1 billion, two people with direct knowledge of the matter said.

Fosun has appointed a financial adviser to run the sale of its stake of less than 5% in Cainiao and the plan is at an early stage, said the sources, who declined to be identified as the information is confidential.

The once-acquisitive conglomerate, which owns resorts brand Club Med among other assets, is looking to sell its stake in Cainiao with the firm’s valuation assessed at between $18 billion and $20 billion, said one of the sources.

Fosun, Alibaba and Cainiao did not respond to Reuters’ requests for comment.

The planned divestment comes as Fosun, controlled by billionaire entrepreneur Guo Guangchang, is struggling under high debt levels and is aiming to ease liquidity strains by selling non-core assets…

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