Chinese e-commerce giant Alibaba Group Holding Ltd. (BABA), which completed an historic multi-billion-dollar US initial public offering, revealed in a regulatory filing in China on Monday that it agreed to acquired a 15 percent stake in Chinese hospitality technology provider Beijing Shiji Information Technology Co., Ltd. for 2.81 billion Chinese Yuan or $457 million. This is Alibaba's first major investment after the US IPO.
According to the regulatory filing on the Shenzhen Stock Exchange, the deal will see Alibaba's Taobao (China) Software Co., Ltd. buying 54.55 million shares of Beijing Shiji for 51.52 yuan per share. The total stake represents 15 percent of the total issued shares of Beijing Shiji.
Taobao is a Chinese website for online shopping similar to eBay.com and Amazon.com that is operated in China by Alibaba Group. The site was founded by Alibaba in May 2013.
Meanwhile, Beijing Shiji provides IT consulting to hotels in China and sells everything from software that manages room reservations, purchasing, inventory, and point of sales systems, to broadband networks and billing systems.
Almost 6,000 hotels in China use its products, including 90 per cent of the country's five-star hotels. Its customers include Grant Hyatt Hotels, Marriott International Inc, Westin Hotels and Resorts and Sofitel Luxury Hotels.
BABA closed Friday's regular trading session at $90.46, up $1.54 or 1.73% on a volume of 18.34 million shares.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.