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English|A Startup in the Shadow of A Giant( 三 )


But Alibaba as the shareholder with the veto right was unclear about its intention for about 6 months. “No formal feedback was ever given,” said Zhao.
“It is still in the process of internal discussions,” Alibaba told Zhao repeatedly during the half year.
In January 2018, Alibaba informed that Cainiao, Alibaba’s delivery services subsidiary, would be the controlling shareholder of Dianwoda. In February 2018, Alibaba clearly asked Zhao to say no to all other investors.
In April 2018, Alibaba and Ant Group jointly acquired Elema, an Internet-based food delivery platform, for $9.5 billion, marking the largest acquisition in the industry. Competition between giants intensified.
On a daily basis, the company had to pay over 100,000 deliverymen tens of millions yuan for their work. “Once there is a cash crunch, deliverymen would be jobless. It may cause a big problem to the stability of the society,” recalled Zhao. Alibaba allowed Yuantong, an express delivery company, to invest in Dianwoda.
【English|A Startup in the Shadow of A Giant】After over 6 months of negotiations, Cainiao announced it would invest $290 million in Dianwoda, most of which was used to buy shares that had been held by non-Alibaba shareholders. The transaction was completed by October 2018, by then Cainiao became the controlling shareholder of Dianwoda, with the exit of all venture capitalists.
Many friends congratulated Zhao on his integration into the giant’s ecosystem. But he understood that the gap between Dianwoda and Alibaba could never be narrowed after 16 months of frustrating negotiations. “All my passions for business have been exhausted (during a long wait). It was the nadir of my life. I should have relaxed and felt happy,” said Zhao.  
In October 2019, Zhao submitted his letter of resignation to Alibaba, the controlling shareholder of the company he founded. In March 2020, he transferred all his shares to Alibaba, which were worth $100 million in 2018.
In May 2020, Zhao left Dianwoda. The once largest instant logistics company in China was 100% owned by Cainiao, Alibaba's express delivery subsidiary.
 

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