China’s Internet giants in acquisition spree

China Daily 14 May 2013
BEIJING – China’s Internet giants have gone on a new acquisition spree in recent months as they ramp up efforts to diversify businesses amid the industry’s constantly changing dynamics.
Alibaba, China’s leading e-commerce firm, announced last week that it will pay $294 million for a 28-percent stake in digital mapping company AutoNavi Holdings Ltd.
The move, following Alibaba’s previous deal to take an 18-percent share in Sina Corp’s microblogging service Weibo, is the giant’s latest attempt to map out a strategy in the key mobile Internet market, in which major companies have been vying for presence.
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