Alibaba’s (NYSE:BABA) $20B logistics division, Cainiao Network Technology, may be the first to hold an initial public offering as part of the Chinese tech conglomerate’s plan to split up into six major business divisions.

Alibaba has enlisted CICC and Citigroup to work on the spinout, which would be listed on the Hong Kong exchange. The IPO could occur as early as the end of the year, according to Bloomberg, which cited unnamed people familiar with the matter.

Bloomberg said the size and terms of the IPO have yet to be decided. Cainiao is believed to be valued at around $20B.

Earlier this week, Alibaba announced that it would split up into six divisions, each of which be exploring financing and IPO options.

In related news, Chinese e-commerce juggernaut JD.com (JD) saw its stock jump Thursday after it filed to hold Hong Kong IPOs for two of its divisions.

More on Alibaba:

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