Alibaba invests in Chongqing Flying Elephant Internet, holdinga stake of 25%

Chongqing United Assets and Equity Exchange Group has disclosed that the capital increase project of Chongqing Flying Elephant Internet was officially completed on April 30. Alibaba Group injected 7.5 million yuan as an investor to obtain 25% of the company’s shares.

Chongqing United Assets and Equity Exchange Group has disclosed that the capital increase project of Chongqing Flying Elephant Internet was officially completed on April 30. Alibaba Group injected 7.5 million yuan as an investor to obtain 25% of the company’s shares.

Relevant information shows that the fresh cash from the capital increase is mainly used to enrich the paid-in capital, expand the scale of assets, and improve the anti-risk ability of the capital increased enterprise, so as to quickly form a new point of profit growth and return investment to shareholders; in the meantime, it will also consolidate the company’s status in its industry in China and improve its competitiveness.

The cooperation between Chongqing and Alibaba actually has an early foundation. On January 11, 2018, the Chongqing Municipal Government signed a strategic cooperation agreement with Alibaba Group and Ant Financial Service Group to jointly promote the development of intelligent and innovative big data.

On April 9, the Chongqing once again signed a batch of project cooperation agreements with Alibaba and Ant Financial Services Group in three major areas including big data intelligent application, technology finance and big data talent training.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/24/alibaba-invests-in-chongqing-flying-elephant-internet-holdinga-stake-of-25/.

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