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Article: Alibaba Group (HKG:1688) Makes RMB5 Billion Investment in Taobao; Taobao Continues to Offer Free Service to Users

Article from:
abnnewswire.net
Article date:
October 8, 2008
Author:
Copyright

Taobao, China's largest consumer e-commerce company, today announced that its parent company, Alibaba Group (HKG:1688)(PINK:ALBCF), will invest RMB5 billion (US$732 million (1) ) over the next five years to further strengthen the Taobao marketplace (www.taobao.com) as the shopping destination of choice for Chinese consumers.

The investment will be used for building a world-leading platform for merchants and providing the best online shopping experience for consumers. In addition, Taobao will continue to offer its services for free to buyers and individual sellers.

Taobao is the most trusted online commerce platform for Chinese consumers. According to China IntelliConsulting Corporation, ...

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