Cainiao Network Technology, logistics subsidiary of Alibaba Group, announced plans to cooperate with China Life to set up a logistics warehousing fund with a scale of CNY8.5 billion.

Morgan Stanley will be the exclusive financial consultant of this fund.

This is reportedly the first logistics warehousing fund established by Cainiao. As a general partner of this fund, Cainiao will be responsible for the unified operation and management of fund assets.

Cainiao will inject some of its existing logistics warehousing projects into the fund. The raised capital of the fund will be partially used for logistics park construction.

Cainiao said that with four years of development, Cainiao and its partners improved China's logistics efficiency and upgraded inventory turnover of vendors. However, China still does not have enough good logistics services and facilities. They welcome more partners to join them to build intelligent logistics.