Chinese E-commerce company takes a minority stake in American online retail store.
In a lead up to its public offering, the world’s biggest e-commerce company, Alibaba has paid $75 million for a portion of the former, Yahoo led, e-retail website, ShopRunner, one of several investments that Alibaba is said to have made (without public knowledge) in preparation for IPO.
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It is expected that the listing will occur in Hong Kong although, as of yet, there has been no confirmation from Alibaba.
Payment Magnates hates to harp on a topic but we cannot neglect to point out the connection between Alibaba’s recent acquisitions and the China, US race for largest online retail market for 2013, which we reported on, in the very recent past.