Hema Fresh, the grocery arm of Alibaba, is said to be working with banks, including China International Capital Corp and Morgan Stanley, to prepare for an initial public offering (IPO) in Hong Kong, according to Bloomberg.
When asked about the matter by Jiemian News, Hema declined to comment. If the IPO goes ahead, it could potentially raise significant funds for the online-to-offline (O2O) retailer, which currently operates more than 300 stores in China, offering customers fresh produce and on-demand delivery services.
