Alibaba invests in US e-commerce
Chinese e-commerce giant Alibaba is taking a minority stake in US online shopping company ShopRunner for $75 million.
The new investment in ShopRunner, which is run by former Yahoo CEO Scott Thompson, will also boost the relationship between Alibaba and Yahoo, which owns 24 per cent of Alibaba.
Alibaba, which plans to float itself in Hong Kong, has already, together with Singaporean company Temasek, invested $170 million in web sports retailer Fanatics.
It also acquired internet mapping company Autonavi for $294 million.
Newly installed Alibaba CEO Jonathan Lu, who replaced founder Jack Ma, said the company will continue making big investments to boost its business.