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Alibaba raising stake in Cainiao to majority, investing $15 bln to grow logistics
September 26, 2017 / 4:05 AM / 2 months ago

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

HONG KONG, Sept 26 (Reuters) - 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 ($801.21 million), 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. ($1 = 6.6150 Chinese yuan renminbi) (Reporting by Kane Wu; Editing by Muralikumar Anantharaman)

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