Alibaba Group Holdings, the e-commerce giant is set to acquire an additional 12% stake in its logistics affiliate Cainiao Smart Logistics Network for $3.3bn, which would increase its stakes from 51% to 63%. The acquisition would be possible by subscribing for newly issued Cainiao ordinary shares in its latest financing round and purchasing certain equity interest from an existing Cainiao shareholder. "Cainiao strives to enhance service and user experience for merchants and consumers through superior technology and digital solutions, both within China and around the world. We are committed to supporting its ongoing development, to realizing greater synergies throughout the entire Alibaba Economy and accelerating the digitization of the logistics industry,” Daniel Zhang, Alibaba Group Executive Chairman, and CEO.