The investment is part of a strategic agreement between Shanghai Media Group and Alibaba to leverage both companies’ Internet technology and media resources in order to penetrate China’s financial information services industry.
The target of the deal is to create a financial data and information services company for Chinese small and medium enterprises to tap financial data.
By using Alibaba Group’s big data and cloud computing capabilities, both companies will jointly develop a comprehensive financial data and information platform that will provide users with timely financial news and information in order to enhance their investment and financial decision-making capabilities.
Currently, Alipay and CBN are collaborating to provide users with stock quote information and CBN’s wealth management information product will also soon launch on Mobile Taobao. Alipay is part of Ant Financial Services Group, a related party of Alibaba Group. Alibaba Group and SMG will also work toward enhancing digital and traditional media convergence in the industry through the launch of innovative new media products for the market.