Workers unload parcels from a truck at a distribution hub of the Chinese delivery company. Shares in STO Express shot up when trading opened and immediately hit the upper 10% limit on the Shenzhen Stock Exchange, Reuters
SHANGHAI: Alibaba Group Holding Ltd will take a 14% stake in STO Express Co Ltd through a US$693mil deal, the e-commerce giant’s fourth significant investment in a Chinese courier company.
Shares in STO Express shot up when trading opened and immediately hit the upper 10% limit on the Shenzhen Stock Exchange, according to Refinitiv data.
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