Alibaba Group Holding Ltd, China's biggest e-commerce company, said it had invested in travel site, without giving financial details.

It was reportedly to have paid around $10 million for the deal., which offers air ticketing and hotel booking and visa and travel tips-sharing services, is expected to complement Alibaba's Taobao Travel. was founded in 2004 and currently has registered more than 10 million accounts.

Alibaba is expanding its e-commerce empire. It paid $586 million in April for an 18% stake in Sina Weibo, China's most used microblogging service that combines Twitter and Facebook like features; it paid $294 million in May for a 28% stake in AutoNavi Holdings Ltd (Nasdaq: AMAP), a Chinese digital map and navigation system developer.

Alibaba CEO Jonathan Lu previously said the company hopes to use data from its and, China's top B2C and C2C sites, to offer more personalized services.

Alibaba is expected to complete its initial public offering by the end of the year, probably on the Hong Kong stock exchange.

An investment bank analyst has estimated that Alibaba is worth about $80 billion and likely to raise $16 billion from the initial stock sale.

Alibaba's net profit more than tripled from a year earlier to $669 million and revenue surged 71% to $1.4 billion in the first quarter of 2013, according to Yahoo! Inc (Nasdaq: YHOO), which is a shareholder of Alibaba.

You are currently reading words of total words in this article.
To continue reading this article, you must be a subscriber. Log in now..

Finish this article for free.
@2017 China Economy @ China Perspective.
All Right Reserved.
Server SSL Certificate