MADRID, 27 Sep. (EUROPA PRESS) -

The Chinese e-commerce giant Alibaba has submitted an application to the Hong Kong Stock Exchange, already accepted, to spin off its logistics subsidiary Cainiao and list it through a Public Offering for Sale (IPO), the terms of which have not yet been closed.

Alibaba, which currently has 69.54% of Cainiao's capital, will continue to control more than 50% of its logistics subsidiary once the spin-off is completed, the Asian company said in a statement.

The offer is subject, among other conditions, to its approval by the Listing Committee of the Hong Kong Stock Exchange, the China Securities Regulatory Commission and the final decisions of the Board of Directors of Alibaba and Cainiao.

"Shareholders and potential investors in the company should be aware that there is no guarantee that the proposed spin-off will take place or when it may take place," Alibaba said.

Cainiao, established in May 2015, provides logistics services and solutions to merchants and brands, e-commerce platforms, consumers and logistics companies in China and around the world.

Last March, the Chinese e-commerce giant announced the biggest transformation in its 24-year history with the reorganization of its activity into six companies, each with the flexibility to raise external capital and study the possibility of going public.

These six business groups were Cloud Intelligence; Taobao Tmall Commerce Group; Local Services; Cainiao Intelligent Logistics; Global Digital Commerce and Digital Entertainment and Media. Each of these six commercial groups has its own CEO and board of directors.