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04 Jun 2019, Gergana Bencheva, EMIS Editor

Cainiao Network plans to invest CNY 50bn in logistics sector in next three years

Chinese logistics company Cainiao Network, an affiliate of Alibaba Group, aims to invest CNY 50 billion in the logistics industry in the next three years, Shanghai Daily reported. The funding will be made through technology and service upgrades.

Furthermore, the firm plans to use its Internet of Things (IoT) platform to connect as many as 100 million smart devices at courier firms and warehouses.

The move is also in line with Alibaba’s ambition to inject over CNY 100 billion over five years to complete domestic deliveries within 24 hours and global orders within 72 hours, Shanghai Daily noted.

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