Alibaba Acquires 10% Of Ucar For $461M

Alibaba Group Holding Ltd. has invested around RMB3 billion (US$461 million) in Ucar Group, a mobile app-based chauffeured car service firm controlled by Chinese car rental firm Car Inc.'s founder and CEO, Charles Zhengyao Lu, according to Chinese media reports citing a legal document. Alibaba will take a nearly 10% stake in 14-month-old Ucar in […]

Visit for more daily finance news, including audio and video Internet podcasts covering important investment news and financial events in China. Follow us on Twitter @chinamoneypod subscribe to all episodes on iTunes.

Read the original article: China Money Network