March 11, 2019 / 1:49 AM / 2 months ago

CORRECTED-BRIEF-Alibaba In Deal With STO Express' Controlling Shareholder

(Corrects spelling in headline)

March 11 (Reuters) - STO Express Co Ltd:

* SAYS CONTROLLING SHAREHOLDER TO SET UP NEW SUBSIDIARY THAT WILL OWN 29.9 PERCENT STAKE IN THE COMPANY

* SAYS ALIBABA AGREES TO INVEST 4.66 BILLION YUAN ($693.44 million) IN THE NEW SUBSIDIARY CREATED BY CO'S CONTROLLING SHAREHOLDER

* SAYS ALIBABA WILL OWN 49 PERCENT STAKE IN THE NEW SUBSIDIARY WHILE CO'S CONTROLLING SHAREHOLDER HOLDS 51 PERCENT Source text in Chinese: bit.ly/2HfL8M2 Further company coverage: ($1 = 6.7201 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)

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