(Yicai) Dec. 12 -- Shares of GoGoX Holdings slipped after Chinese e-commerce titan Alibaba Group Holding pared its stake in the online intra-city logistics platform, a rival of Huolala and Didi Freight.

GoGoX [HKG: 2246] closed 8.3 percent lower at 55 Hong Kong cents (7 US cents) a share today. The stock has fallen 97 percent since the Tianjin-based company listed in June last year.

Alibaba reduced its stake in GoGoX to 11.97 percent from 12.01 percent by selling 255,600 shares for 0.6484 Hong Kong cents each last month, according to a bourse filing released yesterday.

GoGoX, also known as Kuaigou, is Asia’s leading on-demand logistics platform. The firm operates in more than 340 cities in China, South Korea, Singapore, and India, per the firm's listing information.

At the time of GoGoX’s initial public offering, Hangzhou-based Alibaba and its units held more than 92.1 million shares or nearly 15 percent of the total, but they began unloading the stock just three months after the listing.

This September, 58 Home, a controlling investor in GoGoX, distributed 260 million of the logistics platform’s common shares to its stockholders through a special dividend, relinquishing its entire interest in the company.

In the first half of this year, GoGoX’s net loss shrank 39 percent to CNY642 million (USD89.5 million), while revenue rose 7 percent to CNY372 million (USD52 million). From 2018 to last year, the company accumulated losses of more than CNY1.9 billion (USD265 million).

Editor: Emmi Laine