Baidu plans $3.2B for online-to-offline services
Chinese search giant says it is investing 20 billion yuan (US$3.28 billion) over three years to develop online-to-offline services, which include its 2014 acquisition of group-buying site Nuomi.
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Alibaba unit says to raise $1.6 billion in share sale for media acquisitions
Alibaba Pictures Group Ltd , the film and entertainment unit of China's largest ecommerce company, said on Thursday it plans to raise $1.6 billion in a share offering to select investors to finance media-related acquisitions. Alibaba Pictures plans to sell 4.2 billion shares at HK$2.90 each, putting the total deal at HK$12.18 billion ($1.57 billion), according to a Hong Kong stock exchange filing. Alibaba Pictures, previously known as ChinaVision Media Group, is flush with cash after raising nearly 5 billion yuan ($807 million) in 2014 from a massive share offering that put Alibaba in control of the company.