ALIBABA BUYS EQUITIES IN SOFTWARE BUILDER

AsiaInfo Services
02-14-2011
Alibaba Buys Equities in Software Builder

HANGZHOU, Feb 14, 2011 (SinoCast Daily Business Beat via COMTEX) -- Leading e-commerce company Alibaba Group has acquired a 25% stake in Sinosoft Technology PLC, a software builder that is planning a listing on the Stock Exchange of Hong Kong, according to local media reports.

After Alibaba.com Ltd. (SEHK: 1688), the B2B service provider under the aegis of Alibaba Group, floated shares on the capital market of Hong Kong, Jack Ma set up Alibaba.com Investment for venture capital and pre-IPO investment.

Alibaba.com Investment has completed the equity acquisition for a consideration of CNY 170 million, representing 20 times of the predicted price-to-earnings ratio of the target company.

Sinosoft Technology was founded in 1999, engaged in developing software for the data processing system of export rebate and exemption. In March 2006, the company went public on the London Stock Exchange.

Earlier, Tencent Holdings Limited (SEHK: 0700) announced the establishment of an investment fund with a size of CNY 5 billion, which also focuses on investment in Internet-related industries.

Source: www.163.com (February 14, 2011)

KEYWORD: HANGZHOU INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
E-commerce
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