Hangzhou, 25th September: China’s largest e-commerce company, the Alibaba Group, has announced plans to invest RMB 5.3 billion (US$807 million) in Cainiao Smart Logistics Network Limited, Alibaba’s logistics affiliate. This will raise Alibaba’s stake in the business from 47% to a majority position of 51%.
Alibaba also announced plans to invest an additional RMB 100 billion (US$15.2 billion) over the next five years to expand its logistics business. The additional investment will be used to increase its R&D spending on logistics data technology and also in the development of smart warehousing, smart delivery and improved global logistics infrastructure. Alibaba’s ultimate goal is to fulfil orders in China within 24 hours and within 72 hours worldwide.