As previously reported by BIIA Alibaba is involved in a venture which is to develop a physical distribution system in China to support e-commerce transactions.

The startup has been named “Rookie Network”, and the company will be run by China Yintai Chairman Shen Guojun asCEO, while Jack Ma, Alibaba founder and chairman, will be the chairman of Rookie.

The first stage of investment reached 100 billion yuan ($16.3 billion/€12.6 billion). The company aims to build a network that can support an average 30 billion yuan ($4.9/€3.8 billion) worth of daily online shopping transactions within 5 to 8 years.