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Alibaba buys stake in Chinese parcel carrier STO Express

March 13, 2019 / Emma Cosgrove

Alibaba will purchase a 14% stake in 3PL STO Express, China's fifth largest carrier, for a sum of $693 million from a controlling shareholder, according to Reuters. This is the fourth investment in a logistics firm by Alibaba after previously backing YTO Express Group, Best Inc and ZTO Express.STO and the e-commerce giant were already collaborating through Alibaba's logistics platform Cainaio, which links shippers, warehouses and carriers involved with the e-commerce giant.