Share debuts among technology companies haven’t inspired confidence this year, with two of the largest offerings sliding below their listing prices within the first week. The next big deal may reignite interest in IPOs because of a unique set of traits.
Cainiao Smart Logistics Network Ltd. is nominally considered a technology company, chiefly because it’s a spinoff from Chinese e-commerce giant Alibaba Group Holding Ltd. But it’s no more tech than FedEx Corp. or ZTO Express Cayman Inc., which also use software and hardware to optimize the very manual job of delivering packages.
