VENTURE CAPITAL POST

Beijing, China-based outbound visa service ByeCity received $20 million in its Series B funding from Alibaba Group Holding Ltd and Chinese private equity firm CBC Capital.

Giant Interactive Group, a shareholder in Alibaba Group Holding, is selling a stake in the e-commerce company for about $199 million. Giant Interactive's share sale values Alibaba at roughly $128 billion.

Qihoo 360 Techology Co., China's second-largest search engine by users, on Thursday dismissed rumors that e-commerce major Alibaba Group Holding would pick up a stake in the company. Qihoo shares surged 9.3% on Wednesday on speculation the two companies were in talks over a deal.

Alibaba Group Holding Ltd would not list on the Hong Kong bourse, nor had plans to list on New York or any other bourse, said Chief Executive Jonathan Lu to Reuters.

The partnership structure proposal of Alibaba Group Holding Ltd got support from its shareholder Yahoo Inc.

A Reuters report cited two company sources who said Alibaba Group Holding Ltd would be going for a New York listing as plans for a Hong Kong initial public offering failed.

In an email provided to news agency Bloomberg News, Alibaba Group Holding Ltd founder Jack Ma insisted that the partnership system was meant to provide value to company's shareholders, employees and customers.

Sources said Alibaba Group Holding would like to keep board control after its initial public offering in Hong Kong.