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.

It said that the center, which will cover an estimated gross floor area of 380,000 square meters, is expected to be able to handle 1.7 million tonnes of cargo per annum at full capacity after it opens in 2023.

“The Hong Kong hub will be yet another milestone on our way to achieving our goal of 72-hour global delivery,” Cainiao President Wan Lin said.

Chinese e-commerce giant Alibaba took control of Cainiao last September and pledged to spend 100 billion yuan ($15 billion) over five years to build out a global logistics network.

Cainiao already has three fulfillment centers in Hong Kong and last week said that it planned to open logistic hubs in Dubai, Hangzhou, Kuala Lumpur, Liège in Belgium and Moscow.

Reuters

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.