Alibaba Group Holding Ltd announced a strategic investment in one of China's largest logistics service providers on Thursday.
The e-commerce giant said it will invest in Shanghai YTO Express (Logistics) Co Ltd in partnership with Yunfeng Capital, a fund backed by Alibaba founder Jack Ma.
The company didn't disclose the details of the investment. However, China Business News, a major financial newspaper in China, reported that people familiar with the matter said the deal could amount to several billion yuan, giving Alibaba a 10 percent stake in YTO.
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