China’s Fosun supports Alibaba in logistics build-out
Chinese conglomerate Fosun International will contribute RMB500 million ($81.4 million) for a 10% interest in Alibaba Group’s nationwide logistics project. Known as the China Smart Logistics Network, the project is expected to receive up to RMB100 billion over the next 5-8 years from a consortium of investors.
Alibaba has formed Cainiao Network Technology as a vehicle through which the consortium can invest in the network. According to the South China Morning Post, members include Yintai Group, SF Express, Shentong...
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