Industrial and Commercial Bank of China, the fourth largest listed company in the world in terms of market value, has become a new investor for business-to-business Internet services provider Alibaba.
Local media reports that Alibaba, the world's largest e-commerce platform, will begin a road show to raise US$1 billion. Hong Kong media says that attracted by Alibaba's potential, ICBC has decided to inject funds into it and become one of its basic investors.
Alibaba is said to have introduced five basic investors this time, including ICBC and Sun Hung Kai Properties Ltd. The five investors reportedly will invest US$145 million to acquire Alibaba's shares.
The five investors must not sell Alibaba's shares within two years according to relevant agreements and Alibaba is positioning itself for an IPO in Hong Kong next year.