Alibaba is in talks with YTO Express Group's founders to raise its stake in the Chinese courier company with an aim to become the top shareholder, two people told Reuters, as it accelerates consolidation in the world's largest express delivery market.
It was not immediately clear if Alibaba would increase its stake at once or gradually, one of the sources said. Delivery firms in China dispatched 63 billion parcels last year, up 24per cent from 2018, while revenue for the sector grew 23per cent to 745 billion yuan, data from the State Post Bureau showed.
Cainiao provides software and shares data with warehouses, carriers and logistics firms that help deliver packages to shoppers on Tmall and Taobao, Alibaba's main e-commerce sites.
Source: News Formal (newsformal.com)
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