Alibaba plans to raise stakes in YTO Express by 12%

The deal is part of the strategic cooperation inked between Alibaba and YTO Express on Tuesday, as the two partners vowed to collaborate in promoting express logistics, air freight, international networks and supply chains, and information technologies, said the Shanghai-based courier.

SHANGHAI: Alibaba is going to purchase another 12% of YTO Express stakes for 6.6 billion yuan, which will hike its shareholding in the Chinese courier to 22.5%, according to YTO Express.

In a public filing, Shanghai-listed YTO Express said it will transfer 12% of the YTO Express stake at 6.6 billion yuan, or 17.406 yuan per share, to Alibaba.