Alibaba cancels planned IPO of logistics unit Cainiao

HONG KONG -- Alibaba Group has canceled the planned listing of its logistics arm Cainiao Smart Logistics Network, the latest reversal of the e-commerce conglomerate's grand restructuring plan.

Alibaba announced on Tuesday that the application for the initial public offering in Hong Kong had been withdrawn. It also proposed purchasing all outstanding shares of Cainiao, up to $3.75 billion, after which Alibaba will take full ownership.