Cainiao is still waiting for the IPO "roadmap" business integration to take the lead in Alibaba's spin off and listing. Recently, there were market reports that Cainiao will complete its listing as soon as possible before the Chinese New Year, with a financing amount of about 1 billion US dollars. On January 15th, Time Finance sought confirmation from Cainiao Group regarding the above information, and the other party stated that they would not comment. However, they stated that the listing process is still progressing normally. According to the disclosure by the China Securities Regulatory Commission on January 12th of the "Registration Form for Overseas Issuance and Listing of Securities by Domestic Enterprises (Initial Public Offering and Full Circulation)", the current status of Cainiao's listing registration is "in the supplementary materials" and has not yet received approval for issuance.