Sept 7 China's Best Logistics Technologies Ltd
said on Wednesday it has raised $760 million from a group of
investors including CITIC Private Equity and a unit of
e-commerce giant Alibaba Group Holding Ltd.
Hangzhou-based Best Logistics, which runs warehouses and
distribution centers around China, plans to use the proceeds on
new technology, offer new financial services and expand its
international presence, the company said in an e-mailed
CITIC PE led the fundraising round, with Alibaba
affiliate Cainiao Smart Logistics Network Ltd also becoming a
shareholder of Best Logistics, the company added. Other new
investors included China Development Bank International and
Fosun International, as well as existing shareholders such as
Goldman Sachs and private equity firm CDH Investments.
Investors including Carlyle Group LP, Canada Pension
Plan Investment Board (CPPIB) and Warburg Pincus have
splashed $12 billion on the logistics sector in China since
2013, with more expected in coming years fueled by a need for
modern warehousing because of a boom in e-commerce.
(Reporting by Kevin Yao in Beijing; Writing by Elzio Barreto;
Editing by Simon cameron-Moore)