Alibaba to Cut Stake in YTO Express as It Scales Back Non-Core Investments
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Alibaba Group headquarters in Hangzhou.
Alibaba Group Holding Ltd. is continuing to scale back its non-core investments, announcing plans to reduce its stake in Chinese courier YTO Express.
The e-commerce giant’s subsidiary, Hangzhou Haoyue Business Management Co. Ltd., will sell up to 68.94 million YTO shares — equivalent to 2% of YTO’s total stock — via block trades over the next three months, YTO said in a filing Tuesday.
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