Friday, June 12, 2015

Alibaba signs strategic agreement with Shanghai Media Group

News this week: China’s largest e-commerce company, Alibaba Group, has signed a strategic agreement with Shanghai Media Group (SMG) to serve China’s financial information services industry through their Internet technology and media resources.

Under the agreement, Alibaba will invest RMB 1.2 billion (US$194 million) into China Business News (CBN), a Chinese financial media company under SMG, and launch a financial data and information service company. The two companies will also jointly develop a comprehensive financial data and information platform to provide users, especially small- and medium-sized enterprises, with financial news and information. CBN’s wealth management information product will launch on Mobile Taobao in the near future.

Alibaba Group founder and executive chairman, Jack Ma, said, “The era of Data Technology is here and it will surpass the Information Technology era. The DT era is about transparency, sharing of information and enabling others. Alibaba is excited about the possibilities of the DT era and how it can bring value to society.”

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