Jack Ma, Executive Chairman, Alibaba Group, speaks at The Bloomberg Global Business Forum in New York, U.S., September 20, 2017. REUTERS/Brendan Mcdermid
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Chinese e-commerce firm Alibaba Group has taken control of logistics unit Cainiao and pledged to spend 100 billion yuan ($15 billion) over five years to build out a global logistics network, underscoring aggressive expansion plans overseas. Alibaba will invest 5.3 billion yuan to boost its stake in Cainiao Smart Logistics Network to 51 percent from 47 percent, giving it direct control over the loss-making affiliate, suggesting a rough valuation of Cainiao at around $20 billion.Alibaba denied the claims.Best Inc. BSTI.N, a Chinese delivery firm backed by Alibaba, raised under half of what it had initially intended to in a U.S. IPO last week.A person close to Alibaba, who asked not to be identified, said Cainiao was not currently considering an IPO.
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