https://techcrunch.com/2018/05/29/alibaba-doubles-down-on-logistics/ > Alibaba is doubling down on logistics after it led a $1.38 billion investment in Chinese courier firm ZTO Express alongside Alibaba logistics affiliate Cainiao. > ZTO went public on the NYSE in 2016 raising $1.4 billion from what was the year’s largest IPO in the U.S. The Shanghai-based company claims to be one of China’s largest logistics firms via a partner-based network. Its clients include Alibaba and rival e-commerce firm JD.com . There’s plenty more overlap between the two, ZTO CFO Huiping Yan previously spent two years working for Cainiao.