Alibaba to raise stakes in YTO Express by 12%

Alibaba is going to purchase another 12 percent of YTO Express stakes for 6.6 billion yuan, which will hike its shareholding in the Chinese courier to 22.5 percent, according to YTO Express.

In a public filing, Shanghai-listed YTO Express said it will transfer 12 percent of the YTO Express stake at 6.6 billion yuan, or 17.406 yuan per share, to Alibaba.

The deal is part of the strategic cooperation inked between Alibaba and YTO Express on Tuesday, as the two partners vowed to collaborate in promoting express logistics, air freight, international networks and supply chains, and information technologies, said the Shanghai-based courier.

Afterwards, Shanghai YTO Dragon Investment Development (Group) Co Ltd, the parent company of YTO Express, will remain the controlling shareholder, while YTO's founding couple Yu Weijiao and his wife are still the actual controllers with more than 41 percent stakes in the listed company.