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Alibaba Along with Mail.ru Launches a New Joint Venture

12Sep By Gauri SinghNo Comments

CHINA

Alibaba Along with Mail.ru Launches a New Joint Venture

China’s e-commerce major Alibaba and Russia’s internet company Mail.ru have announced that they have entered into a deal to launch a joint venture in Russia and former Soviet countries. The new venture will be called AliExpress Russia, taking after the name of an existing Alibaba platform. The two groups and the Russian sovereign wealth fund RDIF along with telecom operator MegaFon, announced the inauguration of "a new strategic partnership" as Russia hosts an economic forum in the far eastern city of Vladivostok. Alibaba and Mail.ru said in a statement this would "integrate Russia's key consumer internet and e-commerce platforms and launch a leading social commerce joint venture in Russia and the CIS (Commonwealth of Independent States)." According to the statement, the new compan...

8Aug By Gauri SinghNo Comments

CHINA

Chinese firms China Daisy and Savills Join to Form a Joint Venture

One of the leading Chinese financial service providers China Daisy Group has entered into a partnership Savills to establish a joint-venture property service enterprise. The basic purpose of this joint venture is to expand its business in property and asset management services, as stated by the group's top management. "Together with Savills, we will integrate resources and promote the development of the property and asset management industry," said Byron Zhao Xichen, chairman of the board of directors of the group. Under this deal, both the companies will participate in the property and asset management, promotion of value-added services, extension of the industry's value chain and other areas, sharing resources in terms of projects, management experiences and technology platforms. ...

Paytm Forms Joint Venture With AGTech Media To Develop Games

24Jul By AdityaNo Comments

News

Paytm Forms Joint Venture With AGTech Media To Develop Games

One97 Communications Ltd. owned Paytm has recently formed a joint venture with Hong Kong's company AGTech Media to develop mobile games for Indian consumers, AGTech Holdings Ltd said in a regulatory filing to the Hong Kong stock exchange on Monday, reported Mint. AGTech Holdings Ltd owns AGTech Media, which serves integrated lottery technology and services in China, and is a platform of Alibaba Group and Ant Financial Group for lottery. “The joint venture will offer innovative mobile games and user engagement activities to Indian consumers by leveraging the group’s decade-long experience in creating mobile entertainment products and Paytm Group’s massive distribution network to develop mobile games in India,” said AGTech. With this joint venture, AGTech Media will hold 45%, Paytm bei...

Tech Groups Softbank and Foxconn to Deepen Ties With Joint Venture

26Feb By reutersNo Comments

BUSINESS

Tech Groups Softbank and Foxconn to Deepen Ties With Joint Venture

Japan's Softbank Group and Taiwan's Foxconn will soon begin operating a joint venture that deepens ties between two of Asia's biggest technology companies, they said on Friday. The move will give Foxconn, formally known as Hon Hai Precision Industry Co, a 54.5 percent stake in one of Softbank's existing subsidiaries for $600 million and comes as both groups step up investments in the technology sector and consider expansion in the United States. Under the arrangement, a subsidiary of Foxconn will buy new shares in Softbank Group Capital Apac Pte Ltd for a controlling stake, transforming what had been a wholly-owned Softbank unit into a joint venture, the companies said. The deal is expected to take effect on March 1, reducing Softbank's holding to 45.5 percent. The joint ventur...