Cainiao to launch key storage fund

Innovative move set to improve the company's existing logistics nodes

Cainiao Network Technology Co Ltd, the courier aggregator backed by Alibaba Group Holding Ltd, has announced the establishment of a logistics storage fund with a leading Chinese insurer, the latest attempt to cash in on the country's lucrative express delivery market.

By teaming up with China Life Insurance (Group) Co, the 8.5 billion yuan ($1.24) fund was designated to improve Cainiao's existing logistics nodes, a junction in a circuit where goods come to rest, as well as to invest in smart warehouse technologies, Cainiao said in a statement to China Daily on Wednesday.