Alibaba invests

Source:Global Times Published: 2017/9/26 21:13:39

Alibaba Group on Tuesday announced that it has agreed to make an additional investment of 5.3 billion yuan ($807 million) to increase its ownership of its logistics affiliate.

Alibaba's stake in Cainiao Smart Logistics Network will increase from 47 percent to 51 percent.

Alibaba will gain one additional new seat on Cainiao's board of directors.

Alibaba also announced plans to invest 100 billion yuan over the next five years to strengthen its global logistics network so it can achieve its goal of fulfilling orders in China within 24 hours and those elsewhere in the world within 72 hours.

Posted in: COMPANIES

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