News this week: New York-listed Alibaba Group
announced the acquisition of a minority stake in the Shanghai YTO Express (Logistics) Company. Financial details were not disclosed. Both
companies plan to cooperate in developing logistics solutions to improve
efficiency of China’s logistics industry.
YTO Express will
work closely with Alibaba’s logistics subsidiary Cainiao to enhance the
industry’s logistics management capabilities as well as international and rural
delivery services. Cainiao was founded by Alibaba in 2013 in partnership with a
consortium of logistics companies with the aim of building a nationwide
logistics platform.
Judy Tong, senior
vice president of Alibaba Group and president of Cainiao, said, “The strategic
investment in YTO Express reflects our commitment to improving quality and
service standards in China’s logistics industry. As a platform, we look forward
to working closer with partners who share our vision to develop more efficient
logistic infrastructure and solutions that will drive development of China’s
logistics sector in order to fully satisfy our customers’ needs.”
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