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Alibaba Receives HKEX Nod for Spin Off, Shenzen REIT Listing of Warehouse Park Assets

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Alibaba Group (HKG:9988) received approval from the Hong Kong Exchange to spin off certain infrastructure assets into a real estate investment trust for listing on the Shenzhen Stock Exchange, according to a Monday disclosure.

The underlying asset to be held by the proposed CICC Cainiao Logistics Warehouse Infrastructure REIT will be Jiaxing Park, a logistics and warehouse infrastructure park in Zhejiang province.

Alibaba also obtained a waiver from HKEX, exempting it from distributing units in the REIT to existing shareholders. The company said it could not meet the requirement to either distribute units or offer preferential allocation to shareholders due to legal restrictions in mainland China.

The spinoff remains subject to regulatory approval in China, the bourse filing stated.

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