Alibaba to acquire a 50% stake in Guangzhou Evergrande Football Club

Thursday 5 June 2014 13:44 CET | News

Chinese ecommerce platform Alibaba has revealed plans to take a 50% stake in Guangzhou Evergrande Football Club, for CNY 1.2 billion (USD 192 million).

The Guangzhou Evergrande Football Club is currently owned by Evergrande Real Estate which reported 2013 advertising revenues of CNY 363 million (USD 58.1 million) from its football and volleyball clubs, up 23% from 2012.

Founded in 1999, Alibaba is responsible for, AliExpress, and Alipay. The company is preparing for an IPO in the US is valued at nearly USD 170 billion and is expected to be valued at USD 250 billion after it starts trading.

In recent news, a unit of Alibaba has revealed plans to buy a minority stake in Singapore Post (SingPost) for USD 249 million, in order to set up an international ecommerce logistics business.

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Keywords: Alibaba, Guangzhou Evergrande Football Club, ecommerce
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce