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Author: Tronserve admin

Monday 26th July 2021 10:11 PM

Alibaba Pushes Further into Chinese Logistics Market With Plans To Buy Stake In STO Express


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Alibaba is proceeding its push into the logistics sector with plans to buy a stake in Chinese courier service firm STO Express.

The deal represents the Chinese technology company’s fourth investment in an fast courier firm. To date, Alibaba owns 10% of Chinese courier ZTO, 11% of YTO, and 27.9% of Best Logistics. In 2017, the company also invested an additional $807mn in Cainiao to gain a controlling stake in the firm.

 

On Monday (11 March), STO Express launched that its controlling shareholder, Shanghai Deyin Investment Holdings Co. Ltd., plans to make a new subsidiary that will own a 29.9% stake in the courier firm.

Alibaba says it will pay 4.66bn yuan (US$693.3mn) for a 49% stake in the new subsidiary and, in turn, it will hold more than 14% of STO Express.

 

In a statement, Alibaba affirmed its investment in "one of the top five express delivery companies in China". "We will enlarge our current collaboration with STO in technology, last-mile delivery across China and New Retail logistics," the company said. "This investment is a step forward in our pursuit of the goal of 24-hour-delivery anywhere in China and 72 hours globally.”



This article is originally posted on Gigabit.com


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Posted on : Monday 26th July 2021 10:11 PM

Alibaba Pushes Further into Chinese Logistics Market With Plans To Buy Stake In STO Express


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Posted by  Tronserve admin
image cap

Alibaba is proceeding its push into the logistics sector with plans to buy a stake in Chinese courier service firm STO Express.

The deal represents the Chinese technology company’s fourth investment in an fast courier firm. To date, Alibaba owns 10% of Chinese courier ZTO, 11% of YTO, and 27.9% of Best Logistics. In 2017, the company also invested an additional $807mn in Cainiao to gain a controlling stake in the firm.

 

On Monday (11 March), STO Express launched that its controlling shareholder, Shanghai Deyin Investment Holdings Co. Ltd., plans to make a new subsidiary that will own a 29.9% stake in the courier firm.

Alibaba says it will pay 4.66bn yuan (US$693.3mn) for a 49% stake in the new subsidiary and, in turn, it will hold more than 14% of STO Express.

 

In a statement, Alibaba affirmed its investment in "one of the top five express delivery companies in China". "We will enlarge our current collaboration with STO in technology, last-mile delivery across China and New Retail logistics," the company said. "This investment is a step forward in our pursuit of the goal of 24-hour-delivery anywhere in China and 72 hours globally.”



This article is originally posted on Gigabit.com

Tags:
chinese logistics market sto express