Alibaba Group Holding and Cainiao Network Technology agreed to acquire the 10% stake in ZTO Express (Cayman) for $1.38bn.

Alibaba Group Holding, a platform for global wholesale trade, and Cainiao Network Technology, a logistic arm of Alibaba, agreed to acquire the 10% stake in ZTO Express (Cayman), an express delivery company, for $1.38bn. "ZTO has been an important partner to Alibaba Group and Cainiao Network in the development of the new digital economy. The continuing expansion of New Retail is catalyzing new opportunities and demands in logistics. This strategic investment will strengthen synergies across our mutual businesses to create new value and improved experience for merchants and consumers," Daniel Zhang, Alibaba Group CEO.