Rumor: Alibaba, CNIGC Form Beidou Support Services JV
Sina Tech, 7/07/14
According to multiple industry sources, Chinese e-commerce conglomerate Alibaba Group and state-owned weapons manufacturer China North Industries Group Corporation (CNIGC) have signed an agreement to jointly establish a service company to support China's homegrown Beidou Satellite Navigation System (BDS), with registered capital of RMB 1 bln. Alibaba plans to invest an additional RMB 10 bln in the company in the future.
Yang Lei, director of public relations at Alibaba, has stated that the company is not commenting on any rumors in the lead up to its New York IPO. CNIGC has declined to comment on the matter.
Keywords: CNIGC navigation wireless Beidou Alibaba Group Yang Lei JV
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