E-commerce giant Alibaba Group acquired a 14% stake in Sto Express, a Chinese parcel delivery company, for $693m. STO Express said its controlling shareholder planned to set up a new subsidiary that will own a 29.9% stake in the firm. Alibaba will invest $693m for a 49% stake in the new subsidiary, and by extension hold more than 14% of STO Express. "We will deepen our existing collaboration with STO in technology, last-mile delivery across China and New Retail logistics," Alibaba said. "This investment is a step forward in our pursuit of the goal of 24-hour-delivery anywhere in China and 72 hours globally."