Hong Kong — Chinese e-commerce company Alibaba Group announced it will invest 100-billion yuan ($15.12bn) over five years to build a global logistics network and also take control of a $20bn unit, underpinning an aggressive overseas expansion. Alibaba is investing 5.3-billion yuan in Cainiao Smart Logistics Network to boost its stake to 51% from 47%. The investment would value Cainiao, a joint venture of top Chinese logistics firms, at about $20bn. "Our commitment to Cainiao and additional investment in logistics demonstrate Alibaba’s commitment to building the most-efficient logistic network in China and around the world," Alibaba CEO Daniel Zhang said in a statement on Tuesday. The announcement comes as Alibaba is rapidly expanding its e-commerce and logistics network abroad, including newly announced direct sales channels in Indonesia, Thailand and the Philippines, facilitated by a $2bn investment in Southeast Asian online retailer Lazada Group. Alibaba’s latest investment in Cai...
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