Alibaba takes control of China delivery firm

Asian online retailer Alibaba has taken a controlling stake in China’s Cainiao Smart Logistics. It has increased its investment by 5.3 billion yuan ( $807 million), raising its stake in the company from 47 to 51% and giving it four out of seven seats on the logistics company’s board.
While Cainiao has struggled for profitability in its four-year existence, Alobaba sees the investment as key to its plans to develop 24-hour delivery service across China.
Alibaba added that the move was part of a plan to invest a further 100 billion yuan (about  $15.billion) in its global logistics network over the next five years. 

Share this story

Related Topics

Latest asia news

Hong Kong International cargo volumes continue to soar

Hong Kong International Airport (HKIA) has now recorded a double-digit year on year growth in cargo for six consecutive months…

Read More

Share this story

Virgin Atlantic cuts sole China route

Virgin Atlantic will stop its service to Shanghai later this year due to increased costs as a result of not…

Read More

Share this story

Air France KLM Cargo partners with IndiGo to expand in India

Air France KLM Martinair Cargo (AFKLMP) has announced its second airline partnership in a month, this time teaming up with…

Read More

Share this story

Air Cargo News

Air Cargo News
Established in 1983, Air Cargo News is the leading source of news, information, interviews, analyses and reports to the global airfreight industry. Our leading portfolio includes print, digital and events that give businesses in the airfreight industry the ability to connect with decision-makers in this sector.