HONG KONG (Reuters) – Alibaba Group Holding Ltd (BABA.N) plans to buy at least 10% of Yunda Holding Co Ltd (002120.SZ), marking the e-commerce giant’s fifth investment in a large courier, two people with knowledge of the matter told Reuters.
FILE PHOTO – The logo of Alibaba Group is seen at the company’s headquarters in Hangzhou, Zhejiang province, China, November 10, 2019. REUTERS/Aly Song
Alibaba is looking to buy the stake from Yunda’s controlling shareholders – founding couple Nie Tengyun and Chen Liying – who own 52.19% of Yunda through their wholly owned firm Shanghai LuoJieSi Investment Management, said one of the people. At the current market price, the stake would be worth at least $790 million.
The other person said China’s dominant e-commerce firm could go beyond 10% and buy up to 15% of Shenzhen-listed Yunda.
The people declined to be identified as they were not authorized to speak with media.
Under Chinese regulations, a stake of over 5% in a domestically listed…
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