Can Jack Ma's Cainiao project deliver on its promise?

Cainiao, Putonghua slang for a rookie, is not a good word to describe Jack Ma Yun.

But that's the name of the Alibaba chairman's ambitious new project, and he faces a tough road achieving its mission - getting any consumer's purchase to their doorstep within 24 hours, anywhere on the mainland.

Ma stepped down as Alibaba's chief executive on May 10, a decision that surprised many. It took him just 18 days to announce his return.

Cainiao is a consortium of the country's largest e-commerce company, Alibaba, retailer Yintai Group, conglomerate Fosun International and several leading delivery services on the mainland, including SF Express and Shentong Express.

Alibaba owns 43 per cent of the venture with an investment of 2.15 billion yuan (HK$2.7 billion) and Ma is its chairman. Cainiao plans to invest as much as 100 billion yuan over the next five to eight years to develop and manage the China Smart Logistics Network.

Less than half the parcels sent on the mainland are delivered within three days, according to Alibaba statistics.