Alibaba invests in US messaging firm Tango

Alibaba acquired a stake in US mobile messaging app service Tango for US$215 million, ahead of the Chinese e-commerce giant’s IPO in New York, South China Morning Post reported. Alibaba’s new acquisition is part of the more than US$3.2 billion (RMB 20 billion) in strategic investments made by the company since founder Jack Ma Yun stepped down as chief executive last year. The deal marks a likely escalation of the competition between Alibaba and Tencent (0700.HKG), Asia’s largest internet company, as the two firms compete for mobile messaging users around the world.