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Article: Alibaba to invest $2.2 billion rescuing Chinese SMEs from financial crisis.
- Article from:
- China Business News
- Article date:
- October 16, 2008
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Alibaba to invest $2.2 billion rescuing Chinese SMEs from financial crisis
Shanghai. October 16. INTERFAX-CHINA - China's largest online business- to-business (B2B) operator, Alibaba.com, will invest RMB 15 billion ($2.2 billion) to rescue Chinese small and medium-sized enterprises (SMEs) impacted by the financial crisis, Chinese media reported on Oct.
16.
China Business News quoted Alibaba CEO David Wei as saying that the company has RMB 20 billion ($2.93 billion) in cash and will use most of these funds to rescue struggling Chinese SMEs that transact business on Alibaba's platform. In addition to investment in SMEs, Alibaba will reduce service fees for some ...