HONG KONG (Nikkei Markets) -- China’s Alibaba Group Holding on Friday said it plans to increase its stake in logistics firm Cainiao Smart Logistics Network by 12% with an additional investment of 23.3 billion yuan ($3.33 billion).
Alibaba will increase its stake from 51% to 63% by subscribing for newly issued Cainiao shares in its latest financing round and by purchasing certain equity interest from an existing Cainiao shareholder, the internet services major said in a statement.
