Alibaba’s logistics arm targets to raise about $2 billion through a listing in Hong Kong predicted in early next year, boosting hopes for a capital markets retrieval in the Asian financial hub.

Cainiao Network Technology’s Initial Public Offering (IPO) decision comes after Alibaba announced in late March that it would split its corporation into six distinct units and that most of them would opt for capital raisings or market debuts to support funds for future growth.

Cainiao Technologies, which has started work on the IPO, is planning to raise between $1 billion and $2 billion in Hong Kong, per three officials. They declined to be named because the listing details are private.

The planned IPO, the size of which has not been stated before, is likely to be released in early 2024.

The information received is cautioned that the plans are not finalised and are subject to further changes.