Your time is Your Life-Your Life is Your Wealth

TechCrunch

Alibaba Group chairman Jack Ma announced today at a press conference that the company will buy a 50% stake in Guangzhou Evergrande Football Club, one of China’s top soccer teams. The deal’s value was not disclosed, but it is reportedly worth 1.2 billion yuan ($192 million), according to Xinhua, the official Chinese state news agency.

The investment may be part of an effort by Alibaba to extend its core offerings beyond e-commerce and into online entertainment ahead of its IPO, as it faces more competition from other e-commerce firms like JD.com, which recently held a successful IPO. We’ve emailed Alibaba for comment. Other recent investments that can bolster Alibaba’s online entertainment offerings include Youku, AKA the YouTube of China.

As Jon Russell of The Next Web points out, it’s not unusual for Asian tech firms to own a stake in a sports club. Japanese companies SoftBank…

View original post 43 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: