Alibaba's Cainiao JV to invest $1.53b in logistics hub at Hong Kong airport

Alibaba's Cainiao JV to invest $1.53b in logistics hub at Hong Kong airport

FILE PHOTO: A logo of Cainiao Smart Logistics Network Ltd is seen outside its industrial park in Jinhua, Zhejiang province, China March 29, 2017. Picture taken March 29, 2017. REUTERS/Stringer Reuters

Alibaba Group Holding Ltd’s logistics affiliate said on Wednesday that it would lead a joint venture to invest $1.53 billion in a new logistics center at Hong Kong’s airport as part of its efforts to expand its global delivery network.

Cainiao Smart Logistics Network will take a 51 percent stake in the joint venture, while Chinese state investment firm China National Aviation Corp (Group) and courier YTO Express will each hold 35 percent and 14 percent, respectively, Cainiao said in a statement.

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