In the latest yesterday about Alibaba, it is announced that Cainiao is likely to be the first Alibaba segment to be spun off. The listing will be done on the Hong Kong Stock Exchange, where Alibaba is also listed under the 9988 stock code. How Will it Benefit Alibaba Shareholders Currently Alibaba owns a 48% stake in Cainiao. Alibaba has stated its plans to spin itself its divisions out separately so that each Division has the ability to be agile (and a smaller Alibaba means less scrutiny from the communist party as it becomes small) With the listing, it will mean Alibaba shareholders will soon get the shares of Cainiao. This is similar to how Tencent gave its stake in Meituan to shareholders so as to become smaller. For Alibaba case, this means shareholders holding either Hong Kong shares or NYSE ADR will be getting Cainiao shares in the Hong Kong Market. Valuation of Cainiao Based on the private market valuation,...