Cainiao's Strategic Shift: Sells Four IoT Tech Firms for RMB1.5B+

Cainiao announced the sale of four IoT technology firms to Hangzhou Baocang, with Jiaxing Baocang and Hangzhou Youlu as investors. The equity transfer agreement, valued at RMB1.538 billion, marks a strategic realignment for Cainiao, potentially freeing up resources for core operations or redirecting focus in line with business objectives. This move underscores Cainiao's strategic maneuvers in the IoT sector and sets the stage for future developments and partnerships.