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March 12, 2019

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Alibaba to take 14% STO stake

Alibaba Group Holding said yesterday it would buy 14 percent of STO Express Co Ltd for 4.66 billion yuan (US$693 million) as it reinforces expansion in the delivery sector.

Shenzhen-listed STO Express shot up by the daily limit of 10 percent on the news to close at 22.48 yuan (US$3.34).

Alibaba said the two parties would deepen existing collaboration in technology, last-mile delivery across China and new retail logistics.

“We hope to join hands with industry partners to further lower logistics costs and to enhance efficiency for the manufacturing industry,” Alibaba said in a statement.

“And we’ll continue to enrich the ecosystem within the logistics industry to meet evolving market demands.”

It is Alibaba’s fourth investment in the courier sector after it bought minority stakes in YTO Express Group Co Ltd, Best Inc and ZTO Express Inc.

STO Express is among a dozen courier delivery firms that work with Alibaba’s logistics unicorn, Cainiao Smart Logistics Network.


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