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Alibaba to raise stake in Cainiao to 51%
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ALIBABA Group yesterday said it would spend 5.3 billion yuan (US$800 million) to raise its stake in its logistics affiliate Cainiao Network to 51 percent from 47 percent and take control of the board.
Alibaba also said it would invest 100 billion yuan over the next five years to strengthen its delivery network, aiming to fulfill courier orders within 24 hours, anywhere in the country.
As part of a major effort for the e-commerce giant to drive its new retail strategy, these investments are expected to enhance the logistics experience for consumers and merchants across Alibaba’s online platform as well as to enable greater efficiency and lower costs.
“Our goal with this investment is to provide a comprehensive, first-class experience for consumers globally,” Daniel Zhang, chief executive officer of Alibaba Group, said in a statement.
“By enhancing the logistics capabilities within the Alibaba ecosystem and extending our investment in this sector, we are further enabling our New Retail strategy to bring online and offline retail into one seamless experience for shoppers.”
Alibaba will take four of the seven seats on Cainiao’s board.
The e-commerce giant will also continue to deepen its collaboration with various logistics partners.
China’s courier firms and postal service handled 31.3 billion packages last year — 4.5 times that of 2012 — and efficiency also picked up over 20 percent.
Cainiao’s President Wan Lin said Cainiao hopes to continue to leverage data capacity to serve as a diversified business infrastructure provider for both online and offline businesses.
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