Wednesday, October 7, 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:
Bank of China ordered to hand over details of counterfeit gang accounts (13 mins ago)
Eurozone growth cut to 1.6pc (10-06 22:19)
IMF trims global growth projection (10-06 22:17)
Modest pickup forecast for US (10-06 22:15)
US blue chips climb at open (10-06 21:48)
US August trade deficit with China leaps to US$35b (10-06 20:59)
Facing mega financial hits, Volkswagen tightens spending (10-06 20:40)
Europe to share info on tax avoidance deals of global corporations (10-06 19:57)
(Books) Bernanke worried about ‘grand-daddy of all financial panics’ (10-06 19:39)
Volkswagen admits 8m dirty diesels sold in Europe (10-06 19:01)

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.