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Reuters
Published
Sep 26, 2017
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Alibaba raising stake in Cainiao to majority, investing $15 billion to grow logistics

By
Reuters
Published
Sep 26, 2017

Chinese e-commerce giant Alibaba Group Holding Ltd is raising its stake in logistics affiliate Cainiao Smart Logistics Network Ltd to 51 percent from 47 percent by investing 5.3 billion yuan (594.40 million pounds), Alibaba said on Tuesday.


FILE PHOTO - A logo of Cainiao Smart Logistics Network Ltd is seen outside its industrial park in Jinhua, Zhejiang province, China March 29, 2017. REUTERS/Stringer - Reuters / Stringer


Alibaba also said in a statement it will invest another 100 billion yuan ($15.12 billion) in the next five years to expand its global logistics network.

The additional investment will be used in research and development of Cainiao’s logistics data technology, and smart warehousing and smart delivery development, among other things, it said.

Alibaba co-founded Cainiao in 2013, with partners including department store owner Intime Group, conglomerate Fosun Group and a few logistics companies.
 

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