Alibaba increases stake in logistics subsidiary
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E-mail Xinhua, November 9, 2019
Alibaba Group announced Friday an additional investment of 23.3 billion yuan (3.3 billion U.S. dollars) in Cainiao Network, raising its equity stake in the logistics subsidiary to about 63 percent from 51 percent.
According to Cainiao Network, with more financial resources, it will be able to continue its investment in technologies and logistics infrastructure services to strengthen its smart global logistics network.
Other existing shareholders also participated in the fundraising, demonstrating strong confidence in Cainiao's long-term prospect.
"Logistics is a key pillar of the Alibaba business operating system. It allows us to offer the best service to customers and to effectively advance our new retail strategy," said Zhang Yong, CEO of Alibaba.
To improve its efficiency, Cainiao Network, a business under Alibaba Group established in 2013, has introduced the Internet of Things and smart supply chain solutions in the logistics sector, along with algorithms and technologies.
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