E-commerce giant Alibaba Group Holding Ltd said that they had plans to buy a minimum of 10% of Yunda Holding Co Ltd according to two sources with knowledge in the matter.
Alibaba has been leaning on buying the stake from Yunda’s major shareholders, the source said. Yunda’s controlling shareholders are Nie Tengyun and Chen Liying, holding almost 52.19% on Yunda which would be worth approximately $790 million.
The other source said that Alibaba might make a deal to buy up to 15% of the Shenzen-listed Yunda with a market cap of $8.78 billion.
Alibaba had declined to comment while Yunda did not respond to a request for comment.
Should the deal go underway, it would be marked as the e-firm’s effort to gain a steady foothold on China’s divided albeit fast-growing express delivery industry.
The sources declined to reveal their identities as they had no authorization to speak with the media.
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher ...
Samsung Electronics’ shares joined TSMC, its competitor, as both extended gains on Tuesday. This was mainly from upbeat expectations that Intel Corp’s plan of outsourcing more chip producers would favor the chipmakers. Shares of ...
Asian shares fell on Thursday as the U.S.-China tensions overshadowed hopes for more economic stimulus after Washington ordered the closure of Beijing’s consulate in Houston amid spying allegations. China called the order an “unprecedented ...
On Tuesday, Snap Inc.’s (SNAP.N) stock price declined by more than 11% in after-hours trading as investors digested the company’s user and revenue growth after its second-quarter earnings report. The social media company reported ...