Alibaba Invests In ShopRunner: Reports

(RTTNews) - Chinese e-commerce company, Alibaba Group Holding (ALBCF.PK) has bought a minority stake in ShopRunner, according to media reports. Investing in the US ecommerce service company was part of Alibaba's expansion into US ecommerce business, reports stated.

Alibaba will pay $75 mln for a minority position in ShopRunner, the Financial Times specified.

Along with the investment, The China based company's Executive Vice-Chairman Joe Tsai will be a board member in ShopRunners, reports said. Alibaba's planned initial public offering in Hong Kong could be delayed or moved to New York because of chairman Jack Ma's wish to retain control of the company, the South China Morning Post reported Friday. Earlier, Alibaba reportedly projects initial public offering to take place later this year or earlier next year, which will certainly be in Hong Kong.