The company has revealed plans to invest USD 16.3 billion over the next 5-8 years to develop the project called China Smart Logistics Network.
A new company, Cainiao Network Technology, has been formed to manage the system. Major shareholders include Alibaba Group, retailer Yintai Group, Chinese conglomerate Fosun Group, S.F. Express and four Chinese courier companies, namely Shentong, Yuantong, Zhong Tong and Yunda. Alibaba Group Executive Chairman Jack Ma has been appointed as Cainiao’s chairman, while Yintai Group CEO Shen Guojun will serve as CEO.
According to a press release, Cainiao will receive financial support from two strategic partnerships such the one between China Life Insurance, Alibaba Group and Yintai Group and the other involving China Citic Bank and Cainiao. Details of financing plans were not disclosed.
The companies plan to deploy an “open, transparent and shared data platform” to serve e-commerce businesses, logistics companies, warehouse companies, third-party logistics service providers and supply chain managers.
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