Alibaba has invested CNY*4.6bn in the Chinese courier STO Express. The investment is for a 49% stake in a new subsidiary which by extension means Alibaba has a 14% stake in STO Express. STO’s shares shot up following the announcement.
STO is based in Shanghai and had revenues of CNY 17bn in 2018. It is now one of many companies under Cainiao, Alibaba’s logistics division launched in 2013.
This is Alibaba’s fourth investment in an express company after YTO, Best and ZTO as it takes steps to expand its logistics network.
“This investment is a step forward in our pursuit of the goal of 24-hour-delivery anywhere in China and 72 hours globally,” Alibaba said in a statement.
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