Economic news

Alibaba to expand its shipping network

Chinese Alibaba Group Holding Ltd. said it will invest 100 billion yuan ($15.12 billion) over five years to boost its stake in Cainiao Smart Logistics Network to 51 percent.

The $15 billion investment will be used to build out the world’s largest web marketplace logistics network in China and around the world.

The deal is expected to be closed in October.

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