Alibaba Announces Its Investment in China Business News Today
Alibaba will announce its 30% stake in China Business News today and plans to work on media startups in the country.
Latest Alibaba news is regarding the investment that the Chinese e-commerce giant is going to announce its latest acquisition today. The company is set to announce today that it shall invest approximately $200 million in a native news company for the 30% stake in it. China Business News is a newspaper and financial TV company and is also a part of Shanghai Media Group, reported by the people.
The main objective behind the stake-buying initiative by the Chinese giant and also the news company is to develop a service for financial data that is able to make use of the database coming from Alibaba’s ecommerce stats, including sales trends, reported by Alibaba news. There was a new data service rolled out by the Chinese e-commerce giant in April for the local governments in the country in order to search every kind of e-commerce stats coming from the people.
The company has also decided to turn the shoppers into investors. In order to make this happen, Hangzhou-based Company has begun providing charts and stock quotes on Alipay app, an online payment system like that of PayPal. It also plans to incorporate information and financial news there, as per the reports from sources.
The fast-growing Chinese e-commerce giant, Alibaba, that has made oodles of investments in entertainment and media last year, has plans to build a new incubator for media with the help of China Business News for the startups pertaining to media, personnel that are familiar with the matter reported.
This investment regarding the media incubators is a unique one and shall follow an alliance which was made between Shanghai Media Group and Alibaba back in November so that the both can work together on business news and financial services and also the failed attempt by Alibaba to acquire a stake in another conventional media company named 21st Century Business Herald.
China Business News’ chief executive, Qin Shuo, is aimed to leave this company after the deal takes place so that the focus can be shifted to the research and new media. He will be succeeded by Zhou Jiangong who is the Forbes’ Chinese edition editor and also has been the former senior editor at China Business News Paper.
This announcement can be of great important for Alibaba as the company is expecting to grow aggressively this year and has gotten its hands in not only online e-commerce solutions and deliveries but also entertainment. One can expect that the slow growing entertainment aspect of the company can see one source of revenue now, and also expect Alibaba Pictures to excel further.
