Cainiao Group's public REIT application, which uses its Jiaxing logistics park as the underlying asset, has been officially accepted by the China Securities Regulatory Commission and the Shenzhen Stock Exchange. Since 2017, Cainiao has established and managed four private logistics infrastructure funds and previously issued the first expandable REIT product on the exchange, achieving successful investor exits.

The Jiaxing logistics park serves as a key hub in Cainiao's Yangtze River Delta supply chain network, handling core warehousing and distribution for cities including Shanghai, Hangzhou, Ningbo, and the broader region. It also functions as the East China headquarters warehouse for Tmall Supermarket, supporting same-day and half-day delivery services across the area. The park is fully leased long-term by an affiliate of Cainiao’s supply chain services business, ensuring stable operational revenue.

According to the prospectus, Cainiao's Hangzhou-based entity reported over 50 billion yuan in domestic and international supply chain service revenue in 2025. Both Hangzhou Cainiao and Zhejiang Cainiao, mentioned in the document, are subsidiaries of Cainiao Group, and their revenues contribute to Cainiao's overall income. Proceeds from the REIT offering will be directed toward Cainiao's fixed-asset investments, helping expand its smart warehouse network and strengthen its leadership in core supply chain operations.