Alibaba spends 1.2 billion Yuan to acquire a 50% Ownership of Guangzhou Football club – Renamed to Evergrande.
Chinanews.com reports at 11:11am on Jun 5th. Alibaba Group and Hengda Group held a strategic cooperation football signing ceremony. Evergrande expanded their investment; Alibaba spent 1.2 billion Yuan to acquire a 50% Equity in Evergrande, where Hengda Group (A real estate company) owns the other 50% of the club.
In 2010, Hengda Real Estate Group spent one hundred million to acquire full ownership of Guangzhou Football Club, and then the name of Guangzhou Football Club was changed to Evergrande.
Alibaba is currently seeking listing in the U.S. Stock market. Some analysts say the deal could reach about $ 20 billion, with a total valuation of about $ 168 billion.
Original from chinanews.com
Author: Fred Ou
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