November 8, 2019 / 8:53 AM / 9 days ago

China's Alibaba invests $3.3 bln in Cainiao, raises equity stake to 63%

SHANGHAI, Nov 8 (Reuters) - China’s e-commerce giant Alibaba Group Holding said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63% from 51%.

The investment will go towards subscribing for newly issued Cainiao ordinary shares in its latest financing round and purchasing some equity interest from an existing Cainiao shareholder, Alibaba said in an e-mailed statement.

Reporting by Brenda Goh; Additional Reporting by Josh Horwitz; Editing by Edmund Blair

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