Monday, August 31, 2015   

Alibaba takes stake in China online video platform
(04-28 19:12)

Chinese e-commerce giant Alibaba and a private equity fund backed by its founder Jack Ma will pay US$1.22 billion for a stake in China's leading online video platform Youku Tudou, the companies said Monday.
The move comes before a huge US share offer by Alibaba, and as the company diversifies beyond its traditional online shopping business through a string of acquisitions.
Alibaba will hold a 16.5 percent stake in New York-listed Youku Tudou while private equity firm Yunfeng Capital -- co-founded by Ma -- will have 2.0 percent, making Alibaba a strategic investor, according to a joint statement.
Ma, who stepped down as Alibaba's chief executive officer last year but remains as chairman, said the deal would allow Alibaba to accelerate a strategy for offering digital entertainment and video content.
"This is an important strategic initiative that will further extend the Alibaba ecosystem and bring new products and services to Alibaba's customers,'' he said in the statement.
Earlier this month, another company backed by Ma announced it would pay US$531 million for a 20.62 percent stake in a domestic software developer for the financial industry, Hundsun Technologies.
In March, Alibaba made another foray into entertainment with the purchase of a majority stake in Hong Kong-listed ChinaVision Media Group.
Alibaba is planning an initial public offering in the United States, the company said in March.
It operates China's most popular online shopping platform, Taobao, which features hundreds of millions of product listings. --AFP
   
Other Business breaking news:
Greece swears in caretaker cabinet (08-28 23:00)
US stocks lower at the open (08-28 21:45)
UBS pays penalty for disregarding bans on a terrorist’s deals (08-28 21:20)
US personal incomes and spending rise at modest rate (08-28 21:03)
Oil prices drop to US$42.35 (08-28 20:50)
Bank of China and AgBank report marginal earnings growth (08-28 19:25)
UK reports 0.7pc second quarter growth (08-28 18:31)
Shanghai stocks rally 4.8pc at close, Hang Seng gives up gains (08-28 16:25)
Dow leaps 200 points at open (08-27 22:34)
US reports broad-based 3.7pc growth sparked by consumer spending and business investment (08-27 22:05)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.