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HiChina Devotes Alibaba Investment to Net Services
Domain name registrar HiChina (www.net.cn) plans to invest RMB 300 million over the next three years in its basic Internet services, report Shanghai Business Today quoting the company on November 4.
The funds will come from Alibaba.com's (1688.HK) investment in HiChina, which is mainly being spent on software projects and hardware and application system updates, said the report.
Alibaba.com announced on September 28 that it plans to acquire 85% of China Civilink (Cayman), which operates in China as HiChina Web Solutions, for $63.75 million in cash by the end of 2009.
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