Cainiao set to boost HK logistics hub
Print Edition
CAINIAO Network said yesterday it will lead a consortium to invest in a US$1.5 billion logistics center at Hong Kong International Airport to help the logistics affiliate of Alibaba to “achieve our goal of 72-hour global delivery.”
Cainiao will hold a 51 percent stake in the venture with China National Aviation Corporation (Group) Limited owning 35 percent and YTO Express holding the remaining 14 percent.
“The Hong Kong hub will be yet another milestone on our way to achieving our goal of 72-hour global delivery, and will further empower SMEs locally and globally to more readily tap the benefits of inclusive globalization through cross-border e-commerce,” said Wan Lin, president of Cainiao Network.
The logistics center will boost Hong Kong airport’s cargo volume by 1.7 million tons annually after it becomes operational in 2023.
Occupying 380,000 square meters, the center will be equipped with automated and temperature-controlled warehousing. It will include air cargo processing center, sorting center and order fulfilment center with a handling capacity of tens of millions of parcels annually to meet the booming demand for cross-border cargo shipments from small and medium enterprises.
The announcement of the investment came after Alibaba chairman Jack Ma reiterated last week that the company is committed to invest more than 100 billion yuan (US$16.34 million) to set up a smart logistics network.
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