Cainiao Smart Logistics Network will hold 51% stake in the joint venture.
Reuters reports that Cainiao Smart Logistics Network, Alibaba Group Holding’s logistics affiliate, will lead a joint venture to invest US$1.53b in a logistics center at Hong Kong’s airport to expand its global delivery network.
Cainiao Smart Logistics Network will take a 51% stake in the joint venture, whilst Chinese state investment firm China National Aviation Corp and courier YTO Express will each hold 35% and 14%, respectively.
“The Hong Kong hub will be yet another milestone on our way to achieving our goal of 72-hour global delivery,” Cainiao President Wan Lin said in a statement.
The center, which covers an estimated gross floor area of 380,000 sqm, is expected to handle 1.7m tonnes of cargo yearly at full capacity once it opens in 2023.
Here’s more from Reuters:
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