China's Alibaba invests $3.3 billion in Cainiao, raises equity stake to 63%
Reuters
Published Nov 08, 2019 03:54AM ET
China's Alibaba invests $3.3 billion in Cainiao, raises equity stake to 63%
SHANGHAI (Reuters) - China's e-commerce giant Alibaba Group Holding (N:BABA) said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63% from 51%.
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 in an e-mailed statement.
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Written By: Reuters
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