Transactions and Agreements with Alibaba, Cainiao and AJ (Hangzhou) Network Technology Company Limited
For official marketplace stores on Tmall operated by us, Tmall provides a wide range of services including platform support, pay-for-performance marketing, and display marketing services. In 2020, 2021 and 2022, we incurred service fees of RMB671.5 million, RMB752.8 million and RMB746.9 million (US$108.3 million), respectively. We incurred commission fees of RMB624.9 thousand, RMB282.9 thousand and RMB nil thousand (US$ nil thousand) to, and generated services revenue of RMB21.4 million, RMB12.3 million RMB7.5 million (US$1.1 million) from, AJ (Hangzhou) Network Technology Company Limited, or AJ, a subsidiary of Alibaba Group, in 2020,2021 and 2022, respectively. Alibaba Group is one of our major shareholders. See “ — Major Shareholders.” For the nature of the services rendered by AJ to us, see “ — Transactions with Ahead (Shanghai) Trade Co., Ltd. and AJ (Hangzhou) Network Technology Company Limited” below.
On September 30, 2021, Baozun and Baotong entered into a share purchase and subscription agreement with Cainiao, a consolidated subsidiary of Alibaba Group, pursuant to which Cainiao made 30% equity investment in Baotong at a consideration of US$217.9 million. On the same day, Baozun, Baotong and Cainiao entered into a business cooperation agreement aiming to further explore and develop fulfillment and e-commerce opportunities. On October 29, 2021, Baozun, Baotong and Cainiao entered into a shareholders agreement which provides for certain special rights for the shareholders of Baotong. In addition, pursuant to the shareholders agreement, for a period of six months (or such longer period as Baozun and Cainiao may agree) starting from July 29, 2023, Cainiao has the call option to acquire additional shares so that it will own in an aggregate of 60% equity interest of Baotong, according to terms and conditions set forth under the shareholders agreement. In addition, if certain triggering events occur, Cainiao has the right to require Baozun to redeem its shares at a price equal to the initial investment plus an internal rate of return of 6% per annum.
In 2021, we received logistic services from Cainiao and provide warehousing service to Cainiao and AJ. Cainiao and AJ have been consolidated within the Alibaba Group since October 2017 and August 2019, respectively, and therefore have become our related parties. We incurred logistic service fee of RMB89.0 million, RMB72.5 million RMB47.6 million (US$6.9 million) to Alibaba Group and generated warehousing services revenue of RMB1.3 million, RMB32.8 thousand and RMB34.6 million (US$5.0 million) in 2020, 2021 and 2022, respectively, after Cainiao and AJ became our related parties.
As of December 31, 2022, amounts due from Alibaba Group were RMB38.4 million (US$5.6 million), representing receivables to be collected from Alibaba Group for store operation services and warehousing services provided by us and deposits paid.
As of December 31, 2022, amounts due to Alibaba Group were RMB21.3 million (US$3.1 million), mainly representing payable for the commission services provided by AJ, a subsidiary of Alibaba Group and logistics, marketing and platform services fees to be paid to Alibaba Group by us.
Transactions with Ahead (Shanghai) Trade Co., Ltd. and AJ (Hangzhou) Network Technology Company Limited
In October 2014, Ahead (Shanghai) Trade Co., Ltd., or Ahead, a subsidiary of Softbank Corp, became our related party when we issued Series D Shares to Tsubasa Corporation, a subsidiary of Softbank. Tsubasa Corporation is one of our major shareholders. See “ — Major Shareholders.” Ahead helps us develop our brand e-commerce solutions business in Japan by referring potential Japanese brand partners to us. In return, we pay Ahead, as a commission fee, a portion of revenues we derive from brand partners introduced to us by Ahead. In addition, Ahead has engaged us to provide brand e-commerce solutions and services to their own brand clients. In 2020, 2021 and 2022, after it had become one of our related parties, we incurred commission fees of nil, nil and nil to and generated services revenue of nil, nil and nil from Ahead, respectively.
Since August 2019, pursuant to the amended agreement among us, Ahead, and AJ, all transactions and balances with Ahead have been transferred to AJ, which became our related party as a subsidiary of Alibaba. For the amount of commission fees and service fees we paid to AJ, see “ — Transactions and agreements with Alibaba, Cainiao and AJ (Hangzhou) Network Technology Company Limited.”
Transactions with Beijing Pengtai Baozun E-commerce Co., Ltd.
In January 2018, Pengtai Baozun, became our related party as an e-commerce joint venture. We have provided IT services to Pengtai Baozun since 2019. In 2020, 2021 and 2022, we generated services revenue of RMB4.3 million, RMB2.1 million and nil from