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.
