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 […]


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