Alibaba's Hong Kong shares at 6-week low after Cainiao IPO withdrawal

** Hong Kong shares of Chinese e-commerce giant Alibaba Group BABA fall 2.3% to HK$68.70, lowest since Feb. 14

** Stock marks biggest one-day pct drop since March 5

** U.S.-listed shares BABA climbed 0.03.% on Tuesday

** Alibaba said on Tuesday it was offering to buy the 36% of Cainiao it does not already own for up to $3.75 billion, abandoning plans for an IPO of logistics business in Hong Kong

** Jefferies maintains "buy" on the stock, saying "we view the IPO withdrawal as not totally unexpected by market given current market conditions"

** "We think the buyout price offered by Baba to Cainiao’s minority shareholders is fair to Baba’s shareholders" - Nomura

** Hang Seng Tech Index HHSTECH falls 1.4%, Hang Seng China Enterprises Index HSCEI slips 0.7%, and Hang Seng Index (.HIS) down 0.4%

** Stock down 8.7% YTD