Alibaba to invest 4.66b yuan in smart logisticsaba Group

Alibaba will invest 4.66 billion yuan ($693 million) in STO Express, and will explore further cooperation in logistics technology, express terminals and new ret

ail logistics with STO Express after the transaction, according to an announcement by the latter company.

Alibaba will hold 49 percent of shares by paying 4.66 billion yuan in a new company to be established by Shanghai Deyin

Investment Holding Co LTD, holding 53.76 percent of STO Express’ shares until March 11, said the announcement.

This critical progress brings the company one step closer to the goal of deli

vering products within 24 hours nationwide and 72 hours globally, a Sina report said.

Established in 1993, the Shenzhen-listed STO Express is one of the pioneer private express c

ompanies, taking a leading role in China’s logistics industry and serving as a close logistics partner with Alibaba.