Alibaba’s cloud unit seeks $3 billion from state firms – Bloomberg News.
(Reuters) – Alibaba Group Holding Ltd’s cloud division is considering raising funds through a private round from Chinese state-owned enterprises before its market debut in Hong Kong, according to Bloomberg News.
The tech giant’s Cloud Intelligence unit is working with advisers on a potential fundraise that could amount to 10-20 billion yuan ($1.38-$2.75 billion), sources familiar with the matter said.
Potential investors include state-backed telecommunication companies, the report added. However, discussions are in the early stages and details such as the size and timing of the financing could change.
Alibaba has not yet responded to Reuters’ request for comment.
Earlier this year, Alibaba announced plans to restructure into six units following a regulatory crackdown on China’s tech sector. As part of this, it approved a full spinoff of the Cloud Intelligence Group through a stock dividend distribution to shareholders, with the aim of completing a public listing within the next 12 months.
In July, Ant Group, which was spun off from Alibaba 12 years ago, surprised the market with a share buyback, valuing the fintech giant at $78.54 billion. This valuation was significantly lower than the $315 billion previously anticipated in an abandoned public listing in 2020.
($1 = 7.2706 Chinese yuan renminbi)
(Reporting by Shivani Tanna in Bengaluru; Editing by Dhanya Ann Thoppil and Janane Venkatraman)
This week has been filled with major headlines in the U.S and around the world
Mark Mix of the National Right to Work Legal Defense Foundation says his organization is fighting Big Labor’s Pro Act in Congress.
The Heritage Foundation’s Brent Sadler says the recent drone attacks on Russian soil may be intended to provoke a negotiated solution with Russia
Joe Biden celebrates the US Jobs Report, hides Hunter’s job reports and delivered some nice gas prices just in time for Labor Day Weekend.
(Reuters) -Alibaba Group Holding Ltd’s cloud division is weighing raising funds via a private round from Chinese state-owned enterprises ahead of the…
LONDON (Reuters) – Britain set out its objectives for its global artificial intelligence (AI) safety summit on Monday, focusing on understanding the…
BENGALURU (Reuters) – Indian fintech firm Paytm on Monday launched a ‘soundbox’ device that lets merchants accept both mobile and card payments…
By Victoria Waldersee MUNICH (Reuters) -CATL will produce its upcoming fast-charging Shenxing battery at its plants in Germany and Hungary alongside China,…
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
