Cainiao has officially submitted its IPO application to the Hong Kong Stock Exchange. Since Alibaba's "1+6+N" initiative, the spin-off listing of various business segments has become a focus of the secondary market. Previously, Hema(盒马)and Aliyun were considered as potential candidates for the first listings. Why did Cainiao make the first move?The most important reason is the current financing environment. As A-share market has tightened its listing requirements for consumer companies, and the valuation of consumer companies in the Hong Kong stock market continues to be under pressure, making the listing environment unfavorable for Hema. Although cloud service companies are popular in Hong Kong。Based on the performance of the past two years, Cainiao is also the most suitable candidate to

$Alibaba(BABA)$ has released its Q1 financial report for the 24th fiscal year, showing progress in open source and a comprehensive recovery in business while further improving profit margins. $Alibaba(09988)$ SummaryChina's e-commerce business has achieved double-digit growth after being quiet for five quarters, but profit margins have declined due to industry competition and downward CPI;International e-commerce achieved its highest growth rate ever at 43.8%, benefiting from cooperation with "One Belt, One Road" countries and the easing competition in Southeast Asian subsidiaries;The strong e-commerce business also led to Cainiao Logistics turning losses into profits;Local life and digital entertainment

The largest "618" event in history has come to an end. Unlike previous years with frequent reports of remarkable results, this year, no company disclosed the GMV (Gross Merchandise Volume) data for the 618 event. Based on the expectation in the e-commerce field that "no news is bad news," many investors believe that the implication of not disclosing performance results is "not good." $JD.com(JD)$ , coinciding with its 20th anniversary, made the most investments and had the strongest initiatives, but it also did not disclose transaction data. On the 19th, JD.com vaguely announced that "JD.com's 2023 618 growth exceeded expectations, setting a new record," without specifying the details. However, it mentioned that the transaction volume for 3C digita