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.
Source: Business Strategies Group Hong Kong – www.bsgasia.com