Chinese online retail giant Alibaba has invested in a travel website, it said Tuesday, the latest in a series of deals ahead of a planned stock offer. Alibaba had made a "strategic investment" in China's Qyer, Alibaba spokeswoman Florence Shih said in a statement to AFP. Financial terms were not disclosed. "We are confident that Qyer will be able to complement our travel platform, Taobao Travel, by providing our users with high quality travel-related services and content," she said. Qyer, formally set up in 2008, offers an online platform for users to exchange information and make bookings, with a focus on international travel. In May Alibaba said it would pay $294 million for a 28 percent stake in China's leading digital map provider, AutoNavi. Earlier this year Alibaba bought an 18 percent stake in China's dominant microblog provider Sina Weibo for $586 million. The moves come before an expected initial public offer by Alibaba, the world's largest online retailer, which analysts say could value the company at between $60 billion and $100 billion. Alibaba chief Jack Ma stepped down as chief executive officer in May, handing over the job to Lu Zhaoxi, previously executive vice president. Ma remains chairman. Alibaba operates China's most popular e-shopping platform, Taobao, which has more than 90 percent of the country's online market for consumer-to-consumer transactions.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor