YTO Express to build $735mn parcel hub

YTO Express, one of China’s top parcel delivery companies, said it will set up a 5 billion yuan ($735 million) logistics hub in coastal Zhejiang province and form an alliance with global peers, as part of a push to expand beyond its home market, Caixin reports. The latest moves would come as YTO and about a half dozen other recently minted Chinese parcel delivery giants look for their next stage of growth, following a rapid rise fueled by China’s booming e-commerce sector. YTO has been one of the most outward-looking companies in the sector, announcing its purchase of a Hong Kong-based regional logistics services provider earlier this month for HK$1.04 billion ($134 million). The company’s latest global push will be anchored by a new alliance, the Global Parcel Alliance, which will include members from Turkey, the United Arab Emirates, South Korea and Japan, among others, YTO said at an event to announce the new initiatives on Sunday.