Alibaba’s Cainiao Secures 1.6 Billion Yuan Share in Air China Cargo
According to Chinese financial data provider Qichacha, Air China Cargo Co., Ltd. has documented a change with the country’s Industrial and Commercial Administration. The update shows that the firm’s registered capital has roared from about 7.376 billion yuan ($1.141 billion) to about 10.69 billion yuan, up by 44.93%, while Zhejiang Cainiao Supply Chain Management Co., Ltd. is now serving as one of the new shareholders.
Cainiao signed on for about 1.6 billion yuan in the deal. Public information shows that Cainiao was established on July 4, 2012 and is a wholly-owned subsidiary of an affiliated company of Alibaba Group. Cainiao is committed to using advanced internet technology to establish an open data application platform to provide services for e-commerce enterprises, logistics companies, warehousing enterprises, third-party logistics service providers, supply chain service providers and other enterprises.
Shanghai Securities News reported that Cainiao Smart Logistics Networks has taken frequent actions this year. It has added new air, sea and highway routes, such as a direct freight route between Zhengzhou and Budapest, a five-day cross-border direct sea freight route between China and South Korea, and China-Europe freight trains entering and leaving via Horgos Port. Meanwhile, the firm has also promoted self-delivery services in Spain, France, Poland and other countries. It is estimated that more than 30,000 package delivery and pick-up stations and cabinets will be opened overseas by the end of this year.
Zhang Wenxin, head of Cainiao Smart Logistics Networks’ opening business, recently announced the launch of a business assistance program to help Chinese businesses deliver cross-border parcels to overseas consumers within a specified time.
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Air China Cargo was established in November 2003. Its business scope includes air cargo, aircraft maintenance, car rental and more.