trending Market Intelligence /marketintelligence/en/news-insights/trending/zOkLyomydc9fI50RLFvtSg2 content esgSubNav
In This List

Alibaba to acquire stake in logistics company STO Express for 4.66B yuan

Blog

Christopher & Banks Corporation – tracking the early-warning signals of credit risk

Blog

Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap

Blog

Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future

Blog

Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch


Alibaba to acquire stake in logistics company STO Express for 4.66B yuan

Alibaba Group Holding Ltd. plans to acquire a 49% stake in a new unit that will control 29.9% of STO Express Co. Ltd., the South China Morning Post reported March 11, citing a filing from the Chinese logistics company.

The e-commerce giant will pay 4.66 billion Chinese yuan in the transaction, the newspaper said.

The new unit will be formed by Shanghai Deyin Investment Holding Co. Ltd., which holds about 54% of STO Express. Alibaba entered into a framework agreement with Deyin, which will transfer a combined 46% stake in the company to two new units, including one that will partially control STO Express, the report said.

Upon completion of the deal, the courier service provider will "further explore co-operations in areas of logistic technology, parcel delivery end and new retail logistics," according to the newspaper.

Following the announcement, STO Express' shares grew 10%, the daily price increase limit in the Shenzhen Stock Exchange.

As of March 8, US$1 was equivalent to 6.72 Chinese yuan.