BIZCHINA / Ma Yun
Alibaba aquires assets of Yahoo! China
(Xinhua)
Updated: 2005-10-26 09:32
China's largest e-commerce website Alibaba on Tuesday announced it had
successfully acquired the entire assets of Yahoo! China and gained one
billion US dollars of investment in the merger.
This is the largest merger-acquisition (M&A) deal in China's Internet
business.
According to an agreement signed by Alibaba and Yahoo! China on Aug. 11,
all of Yahoo! China's assets go to Alibaba, including its search
technology, the website, its communication and advertising business, and
3721.com, a Chinese language search engine.
Meanwhile, the two companies will work together in an exclusive
partnership to grow the "Yahoo!" brand in China.
"Teaming up with Yahoo! will allow us to deliver a range of e-commerce
services to businesses and consumers in China," said Ma Yun, chief
executive officer of Alibaba.
The new team will expand the Internet searching services to Chinese
users, and create one of the largest Internet companies in China with a
leading position in the key growth sectors of business-to-business
e-commerce (B2B), consumer e-commerce (C2C), on-line payments,
communications and searching.
The merger between the two Internet giants is expected to bring a new
wave of tumult to China's rapidly changing Internet industry.
"The cooperation will enable Chinese enterprises to explore their
business by taking advantage of B2B, C2C models and advanced search
technology," Ma said.
Alibaba is China's leading e-commerce company, operating the world's
largest online marketplaces for both international and China's domestic
trade. It has China's most popular on-line payment system, AliPay. The
Alibaba websites have more than 15 million registered users in 200
countries and regions.
(For more biz stories, please visit Industry Updates)
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