China’s securities watchdog has asked Cainiao, the logistics arm of Alibaba Group, to submit additional information about its shareholders and operational structure as the unit seek to list in Hong Kong, reports Reuters. The China Securities Regulatory Commission (CSRC) also asked Cainiao to describe its business dependency on Alibaba, and provide details of spin-off plans by Alibaba’s other businesses, according to a filing dated Nov. 10 which was reported by Chinese media on Tuesday.
Chinese companies seeking offshore listings are required to submit materials to the CSRC ahead of their overseas share sales under a new filing system the country set up in March this year. It is a common practice for the regulator to seek supplementary information from listing hopefuls under this current system.
Cainiao is the first subsidiary to be separated from Alibaba since the Chinese e-commerce giant announced its break-up into six units earlier this year. Its application for a Hong Kong initial public offering was accepted by the CSRC last month.