Home News Business Chinese company to invest $294 mn in mapping firm AutoNavi

Chinese company to invest $294 mn in mapping firm AutoNavi

China: Alibaba Group, China”s largest e-commerce firm, will take a 28% stake in digital mapping company AutoNavi Holdings Ltd, part of Alibaba”s move to boost its competitiveness by beefing up its product lineup. Alibaba will invest $294 million to become the largest shareholder in the Chinese-based firm, according to a statement from AutoNavi.

The move comes after Alibaba, which competes with Tencent Holidings, acquired an 18% stake in Sina Corp”s microblogging service Weibo, the Chinese equivalent of Twitter, at the end of April.

Source: Chicago Tribune