October 8, 2008

Alibaba to Invest RMB5 Billion in Taobao

Taobao, an e-commerce company, has announced that its parent company, Alibaba Group, will invest RMB5 billion over the next five years to further strengthen the Taobao marketplace.

According to Alibaba Group, the investment will be used for building a platform for merchants and also enhancing its customers' online shopping experience.

Jonathan Lu, president of Taobao, said: "The RMB5 billion investment into the Taobao ecosystem demonstrates our long-term confidence in the Chinese economy, our optimism for China's domestic consumption and our commitment towards creating job opportunities for entrepreneurs who harness the power of the Taobao marketplace."