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Alibaba and Cainiao Invest $1.38 Billion in ZTO Express
Capital Markets, FinTech
A Chinese e-commerce giant struck a notable partnership Tuesday in the country’s logistics sector.
Alibaba Group Holding Ltd (NYSE: BABA) and its logistics arm Cainiao announced a strategic agreement Tuesday with ZTO Express (Cayman) Inc (ADR) (NYSE: ZTO), a leading Chinese express delivery company. Investors led by Alibaba and Cainiao will put up $1.38 billion in return for an approximately 10-percent equity stake in ZTO Express.
Why It’s Important
The investment is intended to support the collaboration between ZTO Express and Cainiao in the transformation …
Photo: World Economic Forum