Logos of Alibaba and China Business Network are arranged for a photo in Hangzhou, Zhejiang Province, yesterday. Alibaba will invest 1.2 billion yuan (U.S.$194 million) in CBN to tap the booming financial information and data services market. (Xinhua)
Alibaba Group yesterday said it will invest 1.2 billion yuan (U.S.$194 million) in Shanghai-based business news service provider China Business Network to tap the booming financial information and data services market.
CBN has set up a new media technology firm focusing on the development of financial data terminals and Internet finance consultancy services as part of the partners' collaboration.
Shanghai Media Group, the local media conglomerate and parent of CBN, last year agreed with the Alibaba Group to cooperate strategically on financial data and information services.
"We hope data can be better utilized to serve the economy and lift efficiency through collaborating with partners and service providers," a joint statement said yesterday.
CBN has already become the provider of stock market news on Alibaba's online payment service Alipay. In the near future, CBN's financial and wealth-management news will also be available for users of Taobao's smartphone application.
In August, the two partners will also release a mobile terminal to provide data analysis and financial news services.
Alibaba's investment represents about a 30 percent stake in CBN, according to an earlier report from Caixin Media.
SMG Chairman Li Ruigang and Alibaba Chairman Jack Ma attended the signing ceremony in Shanghai yesterday.
The e-commerce giant has also invested U.S.$800 million in Hong Kong-listed ChinaVision Media and formed a strategic tie-up with film production company Beijing Enlight Media Co. Wasu Media Holding has received a US$1 billion investment through venture capital partners of Ma.