Alibaba buys 50% stake in Evergrande
- By Chen Xia
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E-mail China.org.cn, June 5, 2014
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Jack Ma (L3) celebrates cooperation with Xu Jiayin (L2) in the photo. [File photo] |
Chinese Internet giant Alibaba closed a deal this morning with the Evergrande Group to pay 1.2 billion yuan (US $192 million) for a 50 percent stake in the soccer club Guangzhou Evergrande, the China Business Journal reported.
Jack Ma, founder and chairman of Alibaba group, has been discussing the deal with Xu Jiayin, chairman of Evergrande Group, because of his strong interest in investing in a soccer club. In May, it was rumored that Ma was interested in a 49 percent stake in Greentown Football Club in Hangzhou.
The Evergrande Group is one of China's leading soccer teams and is headed by Marcello Lippi, the former Italian national team coach. Last year, the club became the first one in China to win the AFC Champions League.
Alibaba Group Holding Ltd. filed its IPO in the United States on May 6. It is expected to be one of the largest stock listings in history.
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