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ALIBABA-ACCOUNTS/SEC
RTSFYKR 
May 26, 2016 
A sign of Alibaba Group is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May... 
Shanghai, China 
A sign of Alibaba Group is seen at CES Asia 2016 in Shanghai 
A sign of Alibaba Group is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song/File Photo 
AUSTRALIA-ECONOMY/JOBADS
RTSDF6P 
April 04, 2016 
A job advert for a local fast food outlet hangs on a wall in a shopping center located in central Sydney,... 
Sydney, Australia 
File picture of a job advert for a local fast food outlet hanging on a wall in a shopping center located... 
A job advert for a local fast food outlet hangs on a wall in a shopping center located in central Sydney, Australia, in this March 18, 2016 file photo. Australian job advertisements in newspapers and on the Internet inched ahead in March, a potential sign demand for labour had peaked after a very strong 2015. REUTERS/David Gray/Files 
CHINA-DEVELOPMENT FORUM/
RTSB5XZ 
March 19, 2016 
Facebook founder and CEO Mark Zuckerberg looks at Founder and Executive Chairman of Alibaba Group Jack... 
Beijing, China 
Facebook founder and CEO Mark Zuckerberg looks at Founder and Executive Chairman of Alibaba Group Jack... 
Facebook founder and CEO Mark Zuckerberg looks at Founder and Executive Chairman of Alibaba Group Jack Ma as Ma gestures during the China Development Forum in Beijing, China, March 19, 2016. REUTERS/Shu Zhang TPX IMAGES OF THE DAY
APPLE/
RTX2943D 
March 14, 2016 
An Apple logo is seen at the entrance of an Apple Store in downtown Brussels, Belgium March 10, 2016.... 
Brussels, Belgium 
An Apple logo is seen at the entrance of an Apple Store in downtown Brussels 
An Apple logo is seen at the entrance of an Apple Store in downtown Brussels, Belgium March 10, 2016. REUTERS/Yves Herman 
APPLE-ENCRYPTION/
RTX28ALV 
February 24, 2016 
A man walks past the Apple Store before a rally in support of Apple's refusal to help the FBI access... 
Santa Monica, UNITED STATES 
A man walks past the Apple Store before a rally in support of Apple's refusal to help the FBI access... 
A man walks past the Apple Store before a rally in support of Apple's refusal to help the FBI access the cell phone of a gunman involved in the killings of 14 people in San Bernardino, in Santa Monica, California, United States, February 23, 2016. REUTERS/Lucy Nicholson 
APPLE-ENCRYPTION/
RTX28ALU 
February 24, 2016 
The Apple Store is seen in Santa Monica, California, United States, February 23, 2016. REUTERS/Lucy... 
Santa Monica, UNITED STATES 
The Apple Store is seen in Santa Monica 
The Apple Store is seen in Santa Monica, California, United States, February 23, 2016. REUTERS/Lucy Nicholson 
APPLE-ENCRYPTION/
RTX289WN 
February 23, 2016 
A NYPD officer carries a barrier outside the Apple Store in New York February 23, 2016. REUTERS/Shannon... 
New York, UNITED STATES 
A NYPD officer carries a barrier outside the Apple Store in New York
A NYPD officer carries a barrier outside the Apple Store in New York February 23, 2016. REUTERS/Shannon Stapleton TPX IMAGES OF THE DAY 
USA-APPLE/
RTX1XZE0 
December 09, 2015 
iPhone cases are pictured on a wall Apple store in the Manhattan borough of New York December 9, 2015.... 
New York, UNITED STATES 
iPhone cases are pictured on a wall Apple store in the Manhattan borough of New York 
iPhone cases are pictured on a wall Apple store in the Manhattan borough of New York December 9, 2015. REUTERS/Carlo Allegri 
RETAIL-BLACKFRIDAY/
RTX1VTNL 
November 25, 2015 
Stock travels on a conveyor belt during Black Friday deals week at an Amazon Fulfilment Centre in Hemel... 
London, United Kingdom 
Stock travels on a conveyor belt during Black Friday deals week at an Amazon Fulfilment Centre in Hemel... 
Stock travels on a conveyor belt during Black Friday deals week at an Amazon Fulfilment Centre in Hemel Hempstead in southern Britain, November 25, 2015. REUTERS/Neil Hall 
RETAIL-BLACKFRIDAY/
RTX1VTN8 
November 25, 2015 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
London, United Kingdom 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel Hempstead, Britain November 25, 2015. REUTERS/Neil Hall 
RETAIL-BLACKFRIDAY/
RTX1VTN6 
November 25, 2015 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
London, United Kingdom 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel Hempstead, Britain November 25, 2015. REUTERS/Neil Hall 
RETAIL-BLACKFRIDAY/
RTX1VTMJ 
November 25, 2015 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
London, United Kingdom 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel Hempstead, Britain November 25, 2015. REUTERS/Neil Hall 
RETAIL-BLACKFRIDAY/
RTX1VTMG 
November 25, 2015 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
London, United Kingdom 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel Hempstead, Britain November 25, 2015. REUTERS/Neil Hall 
RETAIL-BLACKFRIDAY/
RTX1VTMF 
November 25, 2015 
A worker packs a customer order during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
London, United Kingdom 
A worker packs a customer order during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
A worker packs a customer order during Black Friday deals week at an Amazon fulfilment centre in Hemel Hempstead, Britain November 25, 2015. REUTERS/Neil Hall 
RETAIL-BLACKFRIDAY/
RTX1VTLQ 
November 25, 2015 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
London, United Kingdom 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel Hempstead, Britain November 25, 2015. REUTERS/Neil Hall 
RETAIL-BLACKFRIDAY/
RTX1VTLL 
November 25, 2015 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
London, United Kingdom 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel Hempstead, Britain November 25, 2015. REUTERS/Neil Hall 
RETAIL-BLACKFRIDAY/
RTX1VTLK 
November 25, 2015 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
London, United Kingdom 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel Hempstead, Britain November 25, 2015. REUTERS/Neil Hall 
RETAIL-BLACKFRIDAY/
RTX1VTLA 
November 25, 2015 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
London, United Kingdom 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel Hempstead, Britain November 25, 2015. REUTERS/Neil Hall 
RETAIL-BLACKFRIDAY/
RTX1VTKZ 
November 25, 2015 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
London, United Kingdom 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel Hempstead, Britain November 25, 2015. REUTERS/Neil Hall 
RETAIL-BLACKFRIDAY/
RTX1VTKA 
November 25, 2015 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
London, United Kingdom 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
A worker collects customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel Hempstead, Britain November 25, 2015. REUTERS/Neil Hall 
RETAIL-BLACKFRIDAY/
RTX1VTH0 
November 25, 2015 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
London, United Kingdom 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel Hempstead, Britain November 25, 2015. REUTERS/Neil Hall TPX IMAGES OF THE DAY 
RETAIL-BLACKFRIDAY/
RTX1VTGP 
November 25, 2015 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
London, United Kingdom 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel... 
Workers collect customer orders during Black Friday deals week at an Amazon fulfilment centre in Hemel Hempstead, Britain November 25, 2015. REUTERS/Neil Hall TPX IMAGES OF THE DAY 
Business
Business 
Shipping it on Singles Day 
15 PICTURES 
CHINA-SINGLESDAY/LOGISTICS
RTS6DLM 
November 10, 2015 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Beijing, China 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DLL 
November 10, 2015 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Beijing, China 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DLF 
November 10, 2015 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Beijing, China 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival, at a sorting centre of Zhongtong (ZTO) Express, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DL5 
November 10, 2015 
Bottles of employees are seen at a sorting centre of Zhongtong (ZTO) Express before the Singles Day shopping... 
Beijing, China 
Bottles of employees are seen at a sorting centre of Zhongtong (ZTO) Express before the Singles Day shopping... 
Bottles of employees are seen at a sorting centre of Zhongtong (ZTO) Express before the Singles Day shopping festival, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DL4 
November 10, 2015 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Beijing, China 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DL3 
November 10, 2015 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Beijing, China 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival, at a sorting centre of Zhongtong (ZTO) Express, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DL1 
November 10, 2015 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Beijing, China 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DL0 
November 10, 2015 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Beijing, China 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DKY 
November 10, 2015 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Beijing, China 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DKW 
November 10, 2015 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Beijing, China 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival,... 
Employees work at a sorting centre of Zhongtong (ZTO) Express ahead of the Singles Day shopping festival, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DKV 
November 10, 2015 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Beijing, China 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival, at a sorting centre of Zhongtong (ZTO) Express, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DKU 
November 10, 2015 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Beijing, China 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival, at a sorting centre of Zhongtong (ZTO) Express, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee TPX IMAGES OF THE DAY
CHINA-SINGLESDAY/LOGISTICS
RTS6DKR 
November 10, 2015 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Beijing, China 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival, at a sorting centre of Zhongtong (ZTO) Express, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DKQ 
November 10, 2015 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Beijing, China 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival, at a sorting centre of Zhongtong (ZTO) Express, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DKN 
November 10, 2015 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Beijing, China 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival, at a sorting centre of Zhongtong (ZTO) Express, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLES DAY/LOGISTICS
RTS6DKM 
November 10, 2015 
An employee works at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's... 
LANGFANG, China 
An employee works at a JD.com logistic centre in Langfang 
An employee works at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLESDAY/LOGISTICS
RTS6DKJ 
November 10, 2015 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Beijing, China 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival,... 
Workers listen to their line manager as he prepares them for the upcoming Singles Day shopping festival, at a sorting centre of Zhongtong (ZTO) Express, Chaoyang District, Beijing, November 8, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken November 8, 2015. To match CHINA-SINGLESDAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLES DAY/LOGISTICS
RTS6DKH 
November 10, 2015 
An employee works at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's... 
LANGFANG, China 
An employee works at a JD.com logistic centre in Langfang 
An employee works at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLES DAY/LOGISTICS
RTS6DKF 
November 10, 2015 
An employee works at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's... 
LANGFANG, China 
An employee works at a JD.com logistic centre in Langfang 
An employee works at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLES DAY/LOGISTICS
RTS6DKE 
November 10, 2015 
Employees work at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's... 
LANGFANG, China 
Employees work at a JD.com logistic centre in Langfang 
Employees work at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLES DAY/LOGISTICS
RTS6DKC 
November 10, 2015 
Employees work at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's... 
LANGFANG, China 
Employees work at a JD.com logistic centre in Langfang 
Employees work at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLES DAY/LOGISTICS
RTS6DKB 
November 10, 2015 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's... 
Suzhou, China 
Employees work at a Tmall logistic centre in Suzhou 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
CHINA-SINGLES DAY/LOGISTICS
RTS6DKA 
November 10, 2015 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's... 
Suzhou, China 
Employees work at a Tmall logistic centre in Suzhou 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
CHINA-SINGLES DAY/LOGISTICS
RTS6DK9 
November 10, 2015 
Employees work at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's... 
LANGFANG, China 
Employees work at a JD.com logistic centre in Langfang 
Employees work at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLES DAY/LOGISTICS
RTS6DK8 
November 10, 2015 
An employee works at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On... 
Suzhou, China 
An employee works at a Tmall logistic centre in Suzhou 
An employee works at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
CHINA-SINGLES DAY/LOGISTICS
RTS6DK7 
November 10, 2015 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's... 
Suzhou, China 
Employees work at a Tmall logistic centre in Suzhou 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
CHINA-SINGLES DAY/LOGISTICS
RTS6DK6 
November 10, 2015 
An employee works at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On... 
Suzhou, China 
An employee works at a Tmall logistic centre in Suzhou 
An employee works at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
CHINA-SINGLES DAY/LOGISTICS
RTS6DK5 
November 10, 2015 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's... 
Suzhou, China 
Employees work at a Tmall logistic centre in Suzhou 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
CHINA-SINGLES DAY/LOGISTICS
RTS6DK4 
November 10, 2015 
An employee works at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On... 
Suzhou, China 
An employee works at a Tmall logistic centre in Suzhou 
An employee works at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
CHINA-SINGLES DAY/LOGISTICS
RTS6DK2 
November 10, 2015 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's... 
Suzhou, China 
Employees work at a Tmall logistic centre in Suzhou 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
CHINA-SINGLES DAY/LOGISTICS
RTS6DK1 
November 10, 2015 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's... 
Suzhou, China 
Employees work at a Tmall logistic centre in Suzhou 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
CHINA-SINGLES DAY/LOGISTICS
RTS6DJZ 
November 10, 2015 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's... 
Suzhou, China 
Employees work at a Tmall logistic centre in Suzhou 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
CHINA-SINGLES DAY/LOGISTICS
RTS6DJY 
November 10, 2015 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's... 
Suzhou, China 
Employees work at a Tmall logistic centre in Suzhou 
Employees work at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
CHINA-SINGLES DAY/LOGISTICS
RTS6DJX 
November 10, 2015 
An employee works at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On... 
Suzhou, China 
An employee works at a Tmall logistic centre in Suzhou 
An employee works at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
CHINA-SINGLES DAY/LOGISTICS
RTS6DJW 
November 10, 2015 
An employee works at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On... 
Suzhou, China 
An employee works at a Tmall logistic centre in Suzhou 
An employee works at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
CHINA-SINGLES DAY/LOGISTICS
RTS6DJV 
November 10, 2015 
Employees work at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's... 
LANGFANG, China 
Employees work at a JD.com logistic centre in Langfang 
Employees work at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Jason Lee 
CHINA-SINGLES DAY/LOGISTICS
RTS6DJU 
November 10, 2015 
An employee works at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On... 
Suzhou, China 
An employee works at a Tmall logistic centre in Suzhou 
An employee works at a Tmall logistic centre in Suzhou, Jiangsu province, China, October 28, 2015. On China's giant Singles Day internet shopping festival, the country's delivery firms are stretched so thin that they are looking for tie-ups, listings and new investors to husband their resources. E-commerce has been a huge boon to the logistics industry, but the ever-bigger Singles Day, run by leading online market company Alibaba Group Holding Ltd on Nov. 11 every year, exacerbates the industry's twin dilemmas of cut-throat competition and rising labor costs. With low barriers to entry, express couriers proliferated rapidly over the past decade to more than 8,000 firms, squeezing profit margins to about 5 percent, down from 30 percent 10 years ago, according to analysts. Picture taken October 28, 2015. To match CHINA-SINGLES DAY/LOGISTICS REUTERS/Aly Song
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