Three people familiar with the matter said that Baishi, the company invested by Alibaba, is looking for Hong Kong listing opportunities for its express and freight businesses, hoping to raise the company’s valuation and establish an investor base in Hong Kong. The company, which was listed in New York in 2017, had a market capitalization of about $1.1 billion. The Hong Kong listing plan is still a preliminary plan, and the size and target valuation of the issue have not yet been determined.

Baishi has been dissatisfied with the company’s valuation on the NYSE, so it has decided to exclude smaller business units (such as supply chain management and cloud business) from the Hong Kong listing plan, and it may be more direct to seek valuation only for two express delivery businesses.

people familiar with the matter said that Baishi had contacted Credit Suisse JP Morgan to preside over the listing process. According to a person familiar with the matter, the earliest listing in Hong Kong could take place this year.