Alibaba has tightened its grip on the Chinese logistics sector with the Rmb4.66bn ($693m) purchase of nearly 15 per cent of STO Express, the Chinese technology group’s fourth investment in a domestic delivery company.
The deal for a 14.65 per cent stake comes shortly after Beijing flagged logistics as a key sector for development, via incentives including a lower value-added tax bill, reduced employee pension costs and plans to axe road tolls across provincial borders in two years.
China’s express delivery and logistics companies play a key role in distributing parcels — of which there were 50.7bn last year, according to Alibaba — across the country.
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