YTO Express Group said its third largest shareholder, Shanghai Yunfeng XinChuang Private Equity Investment, will sell about 700 million yuan (US$103.3 million) in shares to fulfil its own capital demands, according to a stock exchange filing.

The Alibaba-backed fund presently holds 5.96%, or 169 million shares, of YTO’s total issued capital, making it the third largest shareholder after Shanghai YTO Jiaolong Investment and Hangzhou Ali Venture Capital.

After the share reduction plan is successfully executed, it will hold less than 5% in YTO and no longer be in the top five shareholders list.

It marks the first time that Yunfeng XinChuang has chosen to reduce its YTO holdings after the Chinese delivery giant YTO named new president Pan Shuimiao.

Yunfeng Xinchuang is an investment management arm of Yunfeng Capital which was co-established by Alibaba executive chairman Jack Ma and David Yu, founder of Target Media, in 2010.