Alibaba abandoned a planned IPO for its logistics division, Cainiao Smart Logistics Network, instead offering to buy out minority shareholders in the business. Temasek and GIC are minority shareholders.
Peanuts are the payout:
represents 0.7 times forecast 2024 sales, according to analysts at Jefferies
https://www.reuters.com/breakingviews/alibaba-sends-out-sos-hong-kongs-market-2024-03-27/
Thoughts of a Cynical Investor 