The Chinese e-commerce giant Alibaba has increased its stake in YTO Express from 10.5 per cent to 22.5 per cent by investing US$966. TYP Express is a major Transport and Logistics company both locally in China and globally.
As e-commerce continues to boom driven by the new work from home and stay at home economy Alibaba sees the move as a strengthening of its logistics network
Alibaba and YTO Express will collaborate in four core areas which include
- Local express deliveries
- Air cargo
- Building a global logistics network and supply chain
- Collaboration on digital technologies.
As an indication of size, YTO Express has over 400,000 employees operating 133 transfer centres, with over 700,000 service points across China.