Alibaba invests in ZTO Express
Investors led by Alibaba and its logistics arm Cainiao will invest US$1.38bn in ZTO Express in exchange for a 10% stake in the company.
In a statement issued today (29 May), Alibaba said that the transaction is expected to close in early June, subject to customary closing conditions.
Alibaba said that the investment will “further support both Cainiao and ZTO’s focus on building up first and last-mile pickup and delivery capabilities, warehouse management, cross-border logistics and technology-driven smart solutions”.
Daniel Zhang, CEO of Alibaba and Chairman of Cainiao , said: “ZTO has been an important partner to Alibaba Group and Cainiao Network in the development of the new digital economy. The continuing expansion of New Retail is catalyzing new opportunities and demands in logistics. This strategic investment will strengthen synergies across our mutual businesses to create new value and improved experience for merchants and consumers.”