Alibaba buying $693 million chunk of delivery company
Date: Tuesday, March 12, 2019
Source: American Shipper
E-commerce giant Alibaba says it will deepen collaboration with the parcel delivery company STO Express
Through the deal, Alibaba and STO will “deepen their collaboration in the transformation of China’s logistics industry,” the news service said.
Reuters reported that STO is one of several companies that works with Alibaba’s logistics division Cainiao and that Alibaba also has acquired minority stakes in other courier companies including YTO Express Group Co. Ltd, Best Inc and ZTO Express (Cayman) Inc.
According to Xinhua, “In May last year, Alibaba’s delivery arm, Cainiao Network, said it would set up more global logistics bases to make its logistics network smarter and more efficient, ultimately aiming to be able to deliver anywhere in the world within 72 hours. In 2017, Alibaba Group also announced an investment of 100 billion yuan over five years to build a global logistics network.”