Alibaba to take $486 million stake in hotel data firm Shiji
China’s biggest e-commerce company Alibaba will invest $486 million for a stake in a domestic big-data firm focused on hotels and retail, as part of a push to deepen its offline presence.
The firm will buy a 38 percent stake in Shiji Retail Information Technology Co via its subsidiary Alibaba Investment, the data firm’s listed parent said in a filing to the Shenzhen stock exchange on Thursday.
The deal is part of a “new retail” strategic cooperation, Beijing Shiji Information Technology said, referring to a shift by Alibaba and rivals to leverage big-data to shake up China’s huge but stalling retail market.
Alibaba did not immediately respond to a request for comment on the announcement by Beijing Shiji Information.
Beijing Shiji Information says it provides software and data systems to hotel firms such as InterContinental Hotels Group, retailers such as Starbucks Corp, and entertainment companies.
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