Alibaba ups stake at Weibo


May 1, 2013 | By RetailME Bureau

Hangzhou-based Alibaba Group Holding Ltd has bought an 18% stake in Weibo, a micro blogging website alike Twitter in China and part of Shanghai-based Sina Corp having over 500 million users, for $586 million. This will bring the two entities closer helping them to collaboratively work on user-account connectivity, data exchange and online payment and marketing. The agreement also gives Alibaba the option to increase its stake at Weibo to 30% at a mutually agreed valuation.

Witnessing the growing trend among users to access social networking sites using mobile devices as opposed to computers, Sina has decided to bolster development spending for Weibo. On the other hand, Alibaba is also considering expanding into mobile devices and cloud computing to leverage the online shopping trend using smartphones and tablets. Having an aligned growth strategy in place, both players will be able to build on new business models for social commerce based on the significant number of users on Weibo and Alibaba’s diverse e-commerce offerings.

“E-commerce will play a significant role in building an ecosystem around the micro blogging site’s open platform, making Weibo and Alibaba’s e-commerce platforms natural partners,” remarks Charles Chao, CEO of Sina.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



elGrocer, the grocery delivery app with ties to some of the major 

Continue Reading

October 25, 2020 | By RetailME Bureau

Jones the Grocer set to open its doors at Dubai’s newly launched 

Continue Reading

October 18, 2020 | By RetailME Bureau

Saudi-based operators of hypermarkets and supermarkets BinDawood Holding Company has completed the 

Continue Reading

October 16, 2020 | By RetailME Bureau

The regional food and grocery delivery app Talabat has announced the expansion 

Continue Reading

October 15, 2020 | By RetailME Bureau

Walmart is hiring 10,000 new employees in Canada for positions in stores 

Continue Reading

October 14, 2020 | By RetailME Bureau

British quality grocery retailer Waitrose & Partners launched its first e-commerce platform 

Continue Reading

October 11, 2020 | By RetailME Bureau

Saudi Arabia-based operator of hypermarkets and supermarkets BinDawood Holding has priced its 

Continue Reading

October 7, 2020 | By RetailME Bureau
Miguel Angel Povedano, chief commercial officer of Majid Al Futtaim – Retail

Majid Al Futtaim announces the launch of a customer insight platform, powered 

Continue Reading

October 7, 2020 | By RetailME Bureau
New Choithrams store opens at Emerald Court, Al Barsha

A new Choithrams store opens at Emerald Court, Al Barsha in Dubai 

Continue Reading

October 5, 2020 | By RetailME Bureau
Asda has new owners

Asda has new owners, as The Issa brothers and TDR Capital are 

Continue Reading

October 5, 2020 | By RetailME Bureau
Spinneys sees “dramatic changes” in shopping patterns

UAE-based supermarket chain Spinneys sees “dramatic changes” in shopping patterns since the 

Continue Reading

October 4, 2020 | By Rupkatha B
Food Crowd is now delivering from farm to home

A new platform in the UAE, Food Crowd is now delivering from 

Continue Reading

October 1, 2020 | By RetailME Bureau




Download Images RetailME Magazine