11-Mar-19, Reuters
Alibaba Group will take a 14 percent stake in STO Express Co Ltd through a USD693 mn deal, the e-commerce giant's fourth significant investment in a Chinese courier company.
%20Reuters_Aly%20Song.jpg "Alibaba invests USD693 mn in Chinese courier STO Express (c) Reuters Aly Song")
Image: Reuters / Aly Song
Shares in STO Express shot up when trading opened and immediately hit the upper 10 percent limit on the Shenzhen Stock Exchange.
"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.