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Alibaba to take control of loss-making delivery business Cainiao

Published Tue, Sep 26, 2017 · 09:50 PM

Hong Kong

ALIBABA Group Holding Ltd will buy control of unprofitable delivery business Cainiao for 5.3 billion yuan (S$1.08 billion) and spend billions of dollars more to expand a shipping network that spans the world's largest e-commerce market.

China's largest web marketplace agreed to increase its stake in Cainiao Smart Logistics Network Ltd to 51 per cent. Under the deal, Alibaba plans to consolidate Cainiao's financials into its own books, eroding Alibaba's bottom line, and will get an additional seat on Cainiao's board, taking its representation to four out of s…

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Companies & Markets

Companies & Markets

Alibaba to take control of loss-making delivery business Cainiao

Companies & Markets

Meta releases early versions of its Llama 3 AI model

Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts

TSMC estimates losses of US$92.4 million due to Taiwan earthquake

Marina Bay Sands Q1 profit surges 51.5% to US$597 million on tourism boom

US: Wall St opens higher as some chip stocks bounce back after selloff

Blackstone reports 1% rise in Q1 earnings

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