HONG KONG (AP) — Chinese e-commerce company Alibaba said Tuesday that it would spin off its logistics arm, Cainiao Smart Logistics Network, in an initial public offering in Hong Kong, making it the first business unit to go public following a major restructuring. Alibaba said in a filing that it had submitted a spin-off proposal to the Hong Kong Stock Exchange, and that it has received confirmation to proceed. Alibaba will continue to be a majority shareholder in Cainiao, holding over 50% of the company and retaining it as a subsidiary.