The SCMP Group finally closed the deal with Alibaba at a whopping US$262 million approximately. After many rounds of rumors, the Chinese company has announced that Alibaba has agreed to venture into the news business acquiring The South China Morning Post. This Hongkong based newspaper and the other assets of the SCMP Group including the Elle and Esquire sister concern publications and websites will cost Alibaba a big sum of more than $2 million.
South China Morning Post
Alibaba Ventures into the Print Media Business Buying The South China Morning Post For Around $262 million
Alibaba founder Jack Ma is planning to venture into the publishing sector as news circulated that the e-commerce tycoon will be buying some stake in Hong Kong's South China Morning Post.
A 12-square-meter shop located at the center of Causeway Bay in Hong Kong sold for over $23 million (A$25.56 million), surpassing the previous record of the most expensive retail store sold.
China-based coal bed methane producer AAG Energy Ltd may revive its plan for an initial public offering (IPO) in Hong Kong which was shelved last year, to raise funds for its 2014 operations.
China-based car parts conglomerate Wanxiang has sweetened its bid for failed US electric car maker Fisker Automotive in a battle with its rival suitor, Hong Kong-based firm Hybrid Technology.
Li Ka-shing, the richest man in Asia, has just invested an undisclosed amount in BitPay, a US-based startup that provides services similar to a PayPal for bitcoins.
Hong Kong-based private equity firm Gaw Capital Partners is set to purchase minority stakes in four commercial property acquisitions in the UK and the US, in a deal with a total value of USD1 billion.
According to a report by the South China Morning Post, the approved merger of American Airlines and US Airways to form the largest airline by revenues in the world is not good news for passengers.
Bankers and brokers believe that QDII3, a HKD100 billion investment scheme in Shenzen's Qianhai economic zone designed to allow offshore investment in Hong Kong, could take a long time before Beijing approves it.
The Japanese government is set to launch the Cool Japan Fund which aims to use USD1 billion of public funds to boost the exports of certain foods, drinks, fashion, animated movies, and other products.
An annual Citibank survey found that Hongkongers' interest in purchasing property dropped more than 10% year-on-year and that the average quarterly property transactions fell by 40%.
Publisher of the South China Morning Post were set to open 2.3 percent higher in resumed trade on Tuesday after it said it was in talks regarding the possible acquisition of a group of media companies.
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