Alibaba to buy stake in STO

Company to step up e-commerce footprint, enhance logistics capacities

E-commerce giant Alibaba Group Holding Ltd is acquiring a stake in a major Chinese courier company as part of its efforts to expand its e-commerce footprint and boost online-to-offline sales through enhanced logistics capabilities.

The internet giant is paying 4.66 billion yuan ($693 million) for a 49 percent stake in a new unit that will control 29.9 percent of Shenzhen-listed STO Express Co Ltd, the courier said in a regulatory filing on Monday.