Alibaba Group Holding (BABA.NYSE) plans to invest more than RMB1 billion (US$161 million) in financial media outfit China Business Network, Reuters reported, citing unnamed sources and local media, which themselves cited unnamed sources. An Alibaba spokesperson declined to comment on the matter. A stake in financial media outlet – owned by Shanghai Media Group – would expand founder Jack Ma’s already extensive holdings in mainland China’s financial industry, which have been accrued with an eye toward building an array of online services that can challenge established state-owned and commercial banks.
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