Rumor: 91 Wireless to Receive Alibaba Investment, Delay Listing

China Business News, 5/13/13

According to an industry source, Fujian-based mobile application and mobile gaming platform operator 91 Wireless is considering postponing its planned listing on the Hong Kong Stock Exchange and accepting investment from Chinese e-commerce conglomerate Alibaba Group.

Zhang Yu, Vice President of 91 Wireless, stated that 91 Wireless has not entered into any acquisition agreements at present.

Alibaba recently announced that the company has acquired an 18% stake in Chinese internet company Sina's (Nasdaq: SINA) Weibo microblogging platform, and a 28% stake in Chinese digital map provider AutoNavi (Nasdaq: AMAP).

Editor's Note: For more background on this topic, please see "NetDragon's 91 Wireless to List on HKSE" MD 2/08/13 issue, "Update: Alibaba Takes 18% Stake in Sina Microblog" MD 4/29/13 issue and "Alibaba Takes 28% Stake in AutoNavi" MD 5/10/13 issue.

Keywords: app store mobile gaming Zhang Yu e-commerce Hong Kong Stock Exchange investment wireless Alibaba Group 91 Wireless M&A IPO

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