Alibaba Group said on Tuesday (Mar 26) its logistics unit, Cainiao Smart Logistics Network, has withdrawn its initial public offering and listing application on the Hong Kong Stock Exchange.

Alibaba, which holds around 64 per cent stake in Cainiao, said it is offering to acquire the remaining stock for up to US$3.75 billion.

The e-commerce giant had in September last year kicked off its restructuring with a plan to list the logistics arm in Hong Kong.

Alibaba is offering to minority shareholders of Cainiao an opportunity to sell all the outstanding shares in the logistics firm held by them to Alibaba for US$0.62 per share, a statement said. REUTERS