Alibaba to buy stake in parcel delivery firm STO Express for 4.6 billion yuan

//Alibaba to buy stake in parcel delivery firm STO Express for 4.6 billion yuan

Alibaba to buy stake in parcel delivery firm STO Express for 4.6 billion yuan

Alibaba Group Holding plans to buy a stake in Chinese courier service firm STO Express, as the e-commerce juggernaut expands its networks.Alibaba will pay 4.66 billion yuan (US$693.3 million) for a 49 per cent stake in a new unit that will control 29.9 per cent of Shenzhen-listed STO, the courier service firm said in an exchange statement, without saying how much Alibaba will directly control the listed company. The stock jumped by the 10 per cent daily limit to 22.48 yuan after the open on…

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By | 2019-03-11T01:49:41+00:00 March 11th, 2019|Business|Comments Off on Alibaba to buy stake in parcel delivery firm STO Express for 4.6 billion yuan