Alibaba’s logistics arm is planning to raise up to $2 billion in a Hong Kong initial public offering (IPO), according to people familiar with the matter. The company is said to be working with advisers on the planned listing, which could take place as soon as this year. The move comes as Alibaba looks to expand its logistics business and compete with rivals such as JD.com and SF Express. Alibaba’s logistics arm has been growing rapidly in recent years, with revenue rising 50% year-on-year in the quarter ended June 30, 2021. The unit provides logistics services for Alibaba’s e-commerce platforms and other businesses, including Cainiao Network and Tmall.