SINGAPORE: Singapore Post (SingPost) and Alibaba Group Holdings have announced on Wednesday (May 27) that the Chinese Internet company will invest S$312.5 million for a 10.35 per cent stake in the national postal service provider. In a statement to the Singapore Exchange today, SingPost said it has agreed to a deal with Alibaba Investment Limited, a wholly-owned subsidiary of Alibaba Group, for the purchase of 30 million existing shares and 190.1 million new ordinary shares as part of the investment.
Business Insider, the US-based news site, is heading to China. BI founder Henry Blodget has announced a partnership with Chinese web titan Tencent (HKG:0700) – the makers of WeChat – whereby selected stories will be translated into Chinese. The new Business Insider Chinese portal is here. The deal might help BI in not losing so much money even after over $30 million in venture capital funding, but I’d say that it’s more significant in what it means for Chinese new media.