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An interesting article from Bloomberg on Alibaba’s logistics arm, Cainiao Smart Logistics Network. An unprofitable business, 47% owned by Alibaba, Cainiao expects to remain unprofitable for some time as it builds a massive delivery network. Cainiao’s CEO recently noted that the company needed investors who were not expecting short- or even medium-term payback. And Alibaba does not want the cost dragging down its margins. But, as this article points out, the SEC is not quite so understanding.

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