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Alibaba raising stake in Cainiao to majority, investing $15 billion to grow logistics

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Alibaba raising stake in Cainiao to majority, investing $15 billion to grow logistics

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HONG KONG (Reuters) – Chinese e-commerce giant Alibaba Group Holding Ltd <BABA.N> 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. 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.

(Reporting by Kane Wu; Editing by Muralikumar Anantharaman)
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