04:46 GMT06 August 2021
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    China's e-commerce giant Alibaba Group Holding Ltd plans to spend around $200 million to buy a 30 percent stake in China Business News, one of the country’s leading financial news operations, a source with knowledge of the matter said Thursday.

    CBN is part of Shanghai Media Group (SMG) and has a range of businesses, such as TV, radio, newspapers, magazines and websites, and it has been exploring financial information services.

    The two companies will jointly develop a financial data service making use of Alibaba's database of e-commerce statistics, such as sales trends, China Daily newspaper reported.

    A stake in a financial media outlet could help round out Alibaba founder and Executive Chairman Jack Ma's already extensive holdings in China's financial industry.

    His aim is to build an array of online services to challenge the country's state-owned banks and other institutions in the sector.

    Meanwhile, Alibaba also aims to turn its shoppers into investors as "it has started providing stock quotes and charts on the app of Alipay, a PayPal-like online payment system service, and plans to put financial news and information there," the China Daily report said.


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