Alibaba, CBN to boost cooperation
Print Edition
E-COMMERCE giant Alibaba Group is said to have reached a deal to invest at least 1 billion yuan (US$161 million) in Shanghai-based China Business Network.
The signing ceremony will be held today and the two partners will collaborate in the financial information service sector, a source close to business news service provider CBN told Shanghai Daily yesterday.
The two partners plan to use CBN’s print, website and TV as a platform and leverage each other’s technological capabilities to offer financial data services.
Industry watchers suggest they will collaborate in the launch of Internet financial products and financial data services.
Shanghai Media Group, the local media conglomerate and CBN’s parent, last year agreed to cooperate strategically with Alibaba in financial data and information services.
The latest deal might mark CBN’s collaboration with Alibaba’s affiliate in financial investment after CBN became a shareholder of Hundsun Technologies Inc last year.
In November, Shanghai-based Gildata Inc raised 390 million yuan from investors including its parent Hundsun Technologies as well as CBN and Ant Small & Micro Financial Services Group. CBN holds 29.9 percent in Gildata.
Ant Small & Micro Financial Services Group is the parent of Alibaba’s online payment and Internet finance businesses.
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