Alibaba Group Holding Ltd will take a 14 percent stake in STO Express Co Ltd thr...
SHANGHAI - Alibaba Group Holding Ltd will take a 14 percent stake in STO Express Co Ltd through a $693 million deal, the e-commerce giant’s fourth significant investment in a Chinese courier company.
STO Express said in a statement on Monday its controlling shareholder planned to set up a new subsidiary that will own a 29.9 percent stake in the courier firm. “We will deepen our existing collaboration with STO in technology, last-mile delivery across China and New Retail logistics,” it said. STO Express is one of several companies that works with Alibaba under Cainiao, its logistics division launched in 2013.
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