Market Chatter: Alibaba Group's Aliexpress to Establish Logistics Center in South Korea

MT Newswires Live09-12

Alibaba Group (HKG:9988) subsidiary Aliexpress plans to build a logistics center in South Korea to support domestic and global operations, Pulse News reported Wednesday.

The logistics hub will handle direct overseas purchases, reverse purchases, and local deliveries, the report said.

"We expect more than 50 percent of Korean online shoppers to be using Aliexpress within three to five years," Aliexpress Korea CEO Ray Zhang reportedly said.

The location of the facility is still under discussion, Pulse News reported.

Shares of Alibaba Group rose more than 2% at market close on Thursday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price (HKD): $83.20, Change: $+1.8, Percent Change: +2.15%

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