Alibaba Group Holding (HKG:9988) is exploring a potential sale of bonds exchangeable into shares of ZTO Express (HKG:2057) as it considers reducing its minority stake in the logistics firm, Bloomberg reported Tuesday, citing people familiar with the matter.
The e-commerce giant has discussed the structure with investment banks, though no final decision has been made, according to the report.
Alibaba acquired a 10% stake in ZTO for $1.38 billion in 2018 alongside other investors, including its logistics arm, Cainiao, the report said.
ZTO, which went public in New York in 2016 and completed a secondary listing in Hong Kong in 2020, has seen its US-listed shares fall about 13% this year. The company has a market value of roughly $13.6 billion.
A bond sale would follow a similar move by Baidu (HKG:9888), which raised $2 billion in March through exchangeable bonds tied to Trip.com (HKG:9961) shares, Bloomberg reported.
Shares of ZTO were down about 2% in morning trade on Wednesday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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