Business

China’s Alibaba invests US$3.3 billion in Cainiao, raises equity stake to 63per cent

SHANGHAI: China's e-commerce giant Alibaba Group Holding said on Friday (Nov 8) it would invest an additional 23.3 billion yuan (US$3.33 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63 per cent from 51 per cent.

The investment will go towards subscribing for newly issued Cainiao ordinary shares in its latest financing round and purchasing some equity interest from an existing Cainiao shareholder, Alibaba said Read More – Source

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