Rumors on the Internet revealed that the Chinese B2B e-commerce group Alibaba has set up a commercial bank subsidiary, which has gained the approvals of the People's Bank of China and China Banking Regulatory Commission.

Taobao.com, the Chinese Internet shopping website owned by Alibaba Group, and Yahoo Japan, which is held by Japan's Softbank Group, have reached a strategic cooperation deal.

The Joint Innovation Lab established by China Mobile, Softbank and Vodafone to help accelerate the uptake of innovative mobile technologies on a mass-market scale has a new member: Verizon Wireless.

Chinese social networking service developer Oak Pacific has acquired 23.7% of the floating shares of Nasdaq-listed travel website eLong.com for USD18.5 million and the two sides are considering business cooperation, says CEO of Oak Pacific Joseph Chen.

China Mobile (CHL) has started a semi-secret beta test of its mspaces.net, a Web 2.0 product based on Internet and mobile phone platforms.

China Telecom's subsidiary Guangxi Telecom will be using UTStarcom's (UTSI) RollingStream IPTV platform to deploy a new interactive advertising system, making Guangxi Telecom the first service provider in China to deploy IPTV for building-based video advertising.

According to Japanese media, SoftBank has included 10,000 Chinese companies in its supplier list to expand the e-commerce of the office supplies sector of its subsidiary.

Chinese e-commerce service provider Alibaba has announced plans to finally form a joint venture with Softbank Japan to fully take over the original Japanese language website of Alibaba.

Chinese Web 2.0 company Oak Pacific Interactive's Xiaonei.com announced on the cusp of the Chinese May 1 Labor Day holiday that its hard work had paid off in the amount of a US$430 million infusion of capital.

China Mobile (CHL), SoftBank and Vodafone (VOD) have signed a deal in Beijing to jointly set up an innovation lab to promote the development of mobile Internet services.