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Alibaba to Invest Additional RMB 2 bln in Taobao
China Business News, 7/07/08
At a July 5 ceremony to celebrate the 5th anniversary of B2C and C2C website Taobao, Jack Ma, chairman of Internet services firm Alibaba Group announced the Alibaba Group would invest another RMB 2 bln in Taobao over the coming 5 years. This capital will be used to fund technology development, innovate, attract human capital, and develop the industry ecosystem. Ma emphasized his plan to spend all of the funds within five years. He aims to make Taobao the largest retailer in the world, surpassing eBay and Amazon within five years and Wal-Mart within 10. Taobao has no plans to issue public shares in the short-term.
Keywords: B2C, C2C, e-commerce, strategy, 1688.HK, Alibaba, Amazon, eBay, Internet, Jack Ma, Taobao, Wal-Mart, investment
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