Alibaba continues quest to own the Chinese Internet By Sophia Yan @sophia_yan June 11, 2014: 4:17 AM ET ali Jack Ma's company, Alibaba, has made numerous investments this year ahead of its IPO. 54 TOTAL SHARES 45 9 HONG KONG (CNNMoney) Alibaba co-founder Jack Ma has gone on a multi-billion dollar shopping spree in recent months, snapping up companies left and right ahead of the retail giant's much-anticipated IPO. The latest? Ma's company has taken full control of UCWeb, a Chinese mobile Internet firm that operates a popular search engine. Alibaba, which already owned 66% of UCWeb, announced Wednesday that it had purchased the remaining stake. While Alibaba did not disclose the purchase price, the company claimed the deal "creates the biggest merger in the history of China's Internet sector." "This is a very natural step for Alibaba, because their competitors are already doing so much with Internet search," said Nicole Peng, an analyst at tech research firm Canalys.
Alibaba continues quest to own the Chinese Internet
Jack Ma's company, Alibaba, has made numerous investments this year ahead of its IPO.
Alibaba
co-founder Jack Ma has gone on a multi-billion dollar shopping spree in
recent months, snapping up companies left and right ahead of the retail
giant's much-anticipated IPO.
The latest? Ma's company has
taken full control of UCWeb, a Chinese mobile Internet firm that
operates a popular search engine. Alibaba, which already owned 66% of
UCWeb, announced Wednesday that it had purchased the remaining stake.
While Alibaba did not disclose the purchase price, the
company claimed the deal "creates the biggest merger in the history of
China's Internet sector."
"This is a very natural step for
Alibaba, because their competitors are already doing so much with
Internet search," said Nicole Peng, an analyst at tech research firm
Canalys. Read more
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