Alibaba to Purchase Cloud Storage Kanbox
Alibaba Group Holding Ltd said it would acquire Kanbox, a Chinese operator of a cloud storage service similar to Dropbox of the US, to broaden its online services, the Wall Street Journal reported. Alibaba did not reveal financial details. With the Kanbox acquisition, Alibaba said it was trying to provide a cloud storage service similar to Apple Inc's (Nasdaq: AAPL) iCloud that allow users to access content from any device. The Kanbox deal follows Alibaba's other prominent acquisitions earlier this year, including its investment in Sina Corp's (Nasdaq: SINA) Twitter-like Weibo microblog business and mobile mapping service provider AutoNavi Holdings Ltd (Nasdaq: AMAP), which will help Alibaba generate more mobile traffic and gather more mobile data.
Modern Dairy Builds JV Farms
China Modern Dairy Holdings Ltd (HKG: 1117) announced a joint venture with KKR and CDH to develop two new dairy farms. Modern Dairy will invest $7.2 million of the $40 million required for the establishment of each of the new farms, and will own 18% of the joint venture and hold a call option to acquire the remaining stake if the joint venture is profitable. Raw milk produced by the joint venture will be sold by Modern Dairy at prices at least equal to current prices.
Yonghui to Open 6 Stores in 2013
Yonghui Superstores Co (SHA: 601933), a Fujian province-based supermarket chain, said it plans to open 6 new stores this year. The first 3 openings took place in Harbin, Xi'an and Nanjing. It aims to operate 350 stores and generate 50 billion yuan in revenues by 2014.
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