Alibaba Group offers to acquire the remaining stake in online video company Youku-Tudou for US$26.6 per ADS in cash.
Alibaba currently owns 18.3% in Youku-Tudou.
Alitrip, Alibaba’s online travel service, and Weibo will roll out Qingtingke, a crowdsourced travel sharing and itinerary platform, before Alibaba’s Nov. 11 online shopping festival.
Weibo users will be able to share content or list their services on the platform, and Alitrip will facilitate transactions. (via Sina Tech)
Ant Financial Services Group, Alibaba’s finance affiliate, launches a cloud service for internet-based financial products and services.
China Mobile, Wealth Partners, CITIC International Financial Holdings, and another three companies are jointly establishing a cross-border e-commerce company, named Jianjianmian, with capital of US$484 million.
Wealth Partners will hold a 20% stake in it and the rest shareholders will each own 16%. (via Sina Tech)
Zhejiang Century Huatong Automotive Part Co., Ltd. announces to acquire China Mobile Game and Entertainment Group Ltd. (CMGE) for an estimate of RMB10 billion (about US$1.6b). CMGE was taken private two months ago.
Earlier in June Zhejiang Century Huatong Automotive announced to buy 43% in Shanda Games for RMB6.39 billion (about US$1b).
Marvell China is laying off more than 800 employees. (via Sina Tech)