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Alibaba looking to buy Chinese Business News Network

MUMBAI: Chinese e-commerce company Alibaba Group Holding Ltd is looking to buy a major stake in China Business Network, one of China’s leading financial news operations.
The investment in China Business Network, which is part of the state-controlled Shanghai Media Group, will be worth over 1 billion yuan ($161 million).
Alibaba has a growing array of media and financial activities and Ma has stated his aim of building a range of financial services that rival the state-owned banks and institutions.Alibaba offers loans through its Ant Financial arm, online payments through Alipay, and operates one of the world’s largest money funds. It itself was granted a banking licence earlier this year.Ant Financial and SMG agreed last year to jointly invest $63 million in financial software firm Gildata, a subsidiary of Hundsun Technologies. Earlier this week, a fund controlled by Ma paid $348 million for a stake in Hong Kong-based financial services company Reorient Group.

Alibaba has investments in numerous media and entertainment businesses, including stakes in Youku Tudou, Enlight Media, Huayi Brothers Media and Wasu Media.

A report in Variety mentions that the separately listed Alibaba Pictures Group confirmed that it is out to buy controlling stake of Yueke Software Engineering Ltd for $134 million. The firm provides ticketing services to 1,500 cinemas and software to other online ticketing platforms.