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November 8, 2019 10:17 am GMT

Alibaba to invest $3.3B to bump its stake in logistics unit Cainiao

Alibaba is doubling down on its logistics affiliate Cainiao, two years after acquiring a majority stake in the firm. The Chinese giant said today it would invest an additional 23.3 billion yuan (about $3.33 billion) to raise its equity in Cainiao to 63% from 51%. In a statement, Alibaba said it will subscribe newly issued […]

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