What's Going On With Alibaba Tuesday?

Alibaba Group Holding Limited BABA aims to accomplish its initial public offering goals for its different segments while treading ahead with its artificial intelligence endeavors.

The e-commerce group's logistics arm, as a part of a consortium, has sent a preliminary buyout offer to Chinese logistics company Best. 

Also Read: Alibaba's Latest Spinoff - What's Going On?

The consortium proposed a purchase price of $0.144 per ordinary share 

or $2.88 per American Depositary Share, SCMP reports.

The consortium plans to fund the deal primarily through Cainiao's equity capital and cash. The consortium collectively owns about 49% of the issued and outstanding shares of Best.

Cainiao is bracing for its $1 billion Hong Kong IPO. Cainiao's other moves this year included expanding its express delivery services.

Alibaba, which currently holds about 70% of Cainiao, will likely retain over 50% of the unit following the IPO.

Meanwhile, Alibaba rival Shein is eyeing a U.S. IPO with a valuation of up to 490 billion.

In private trades, Shein's valuation has dropped below the $66 billion it got in a funding round in May, Bloomberg cites familiar sources.

The online retailer expects its net income to reach $2.5 billion in 2023.

Price Action: BABA shares traded lower by 0.73% at $84.74 on the last check Tuesday.