Alibaba, China’s ecommerce group, has continued a string of deals that is designed to strengthen its appeal ahead of an expected flotation this year with a closely allied fund buying a stake in a Chinese internet TV company.
Hangzhou Yunxi Investment Partnership Enterprise bought the 20 per cent stake in Wasu Media for more than $1bn yesterday. Hangzhou is an investment fund owned by Alibaba founder Jack Ma, co-founder Simon Xie and Shi Yuzhu, billionaire founder of Giant Interactive.
Alibaba said the stake would give it an edge in offering digital entertainment to its users.
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