Alibaba-owned supermarket chain Freshippo is stepping up its preparations for an IPO, and will apply for a spin-off listing within the next two weeks at the earliest, reported Hong Kong local news outlet the Hong Kong Economic Times.
Hema’s IPO could happen as early as mid-November, but the actual IPO schedule depends on market conditions, the report said. Hema has declined comment on the report.
That would make Hema the first major spin-off after Alibaba announced its restructuring plan earlier this year.