According to an announcement published by YTO Express, Jiaolong Group, Yu Weijiao and Zhang Xiaojuan plan to transfer 379 million shares to Alibaba at the price of CNY17.406 per share and the transferred shares account for 12% of the total shares of the company.
The total transfer price is about CNY6.6 billion.
The announcement shows that the two parties will jointly promote collaboration and complementary advantages in express logistics, air freight, international network and supply chain, and information technology to enhance their customer service ability and global comprehensive service ability.
After the completion of the transfer, Shanghai Yuantong Jiaolong Investment Development (Group) Co., Ltd. remains the controlling shareholder of YTO Express. YTO Express founder and chairman Yu Weijiao and his wife still control more than 41% of the company's shares and they are still the actual controllers of YTO Express.