(Yicai Global) March 31 -- A report that Chinese e-commerce giant Alibaba plans to buy at least a 10 percent stake in Chinese delivery firm Yunda Holdings sent its stock [SHE:002120] arcing to the 10 percent upper limit to stop trading at CNY30.81 (USD4.35) this afternoon.

Citing two insiders, Reuters reported that Alibaba would buy a 10 to 15 percent stake in Shanghai-based Yunda from its controlling shareholders, founding couple Nie Tengyun and Chen Liying, who hold a combined 52.19 percent.

The company's market cap was CNY68.6 billion (USD9.7 billion) as of 1.40 p.m. this afternoon.

Editor: Ben Armour