Alibaba tipped to buy stake in Caixin
Print Edition
THE publisher of one of China’s most respected business magazines, Caixin, yesterday said it was seeking new investors following reports e-commerce giant Alibaba plans to take a stake in the company as it looks to expand its media empire.
Alibaba founder Jack Ma is seeking to diversify beyond the core business of providing online retail platforms and in December bought Hong Kong’s English-language newspaper South China Morning Post.
Beijing-based Caixin Media provides financial and business news through its flagship magazine and several other platforms under the editorial leadership of Hu Shuli, who has received international attention for her brand of investigative journalism.
Bloomberg News said yesterday that Alibaba’s financial services unit Ant was in talks to invest in Caixin Media, but gave no size or price for the stake.
China’s TMTpost, a business technology information provider, reported that the deal had already been signed.
Caixin Media said in a statement that it was about to bring in “several high-quality institutional investors,” without identifying them.
“The new investors, like the original shareholders, respect Caixin Media’s principal of editorial independence which is not influenced by the business interests of shareholders,” it said.
A spokesman for Alibaba declined to comment.
Analysts have compared Alibaba’s media push under Ma to that of Amazon founder Jeff Bezos, who bought the respected Washington Post newspaper two years ago.
Ma’s net worth is now around US$27.3 billion, according to Bloomberg Billionaires.
Caixin’s biggest shareholder is China Media Capital, a Shanghai-based media and entertainment investment company, which in December bought a US$400 million stake in English Premier League football giant Manchester City.
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