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Article: Alibaba Group to invest $733.5 mln in Taobao over next five years.
- Article from:
- China Business News
- Article date:
- October 9, 2008
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Alibaba Group to invest $733.5 mln in Taobao over next five years
By Cindy Geng Beijing. October 9. INTERFAX-CHINA - China's biggest online marketplace Taobao.com announced in Beijing on Oct. 8 that its parent company, Alibaba Group, will inject RMB 5 billion ($733.5 million) into the company over the next five years to continue Taobao's strategy of offering free services for individual sellers and buyers.
"The RMB 5 billion ($733.5 million) will be spent on staff training, technology, equipment, servers and marketing over the next five years," Jonathan Lu, president of Taobao, said.
The investment will be used to improve the online platform for ...