Alibaba’s grocery chain Freshippo has declined to comment on reports that it is preparing for a Hong Kong IPO, according to local media outlet Beijing News. Bloomberg previously reported that the membership-focused supermarket, similar to Sam’s Club, is currently working with China International Capital and Morgan Stanley on a public listing, with the target valuation yet to be determined. However the report also cited several sources as saying that Freshippo may not go public until next year or later, and that Alibaba may also decide not to proceed with the listing. Alibaba’s recently announced reorganization gives more freedom to its six newly independent groups, all of which can seek separate IPOs. The tech giant’s logistics arm Cainiao is expected to be the first to apply for a listing as early as the end of 2023. [Beijing News; Bloomberg]
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