China Business News is partnering with Alibaba to build a financial data and information services company focused on providing timely financial news and data to businesses. The planned product is described as a Bloomberg-style offering tailored to companies rather than individual investors. Alibaba will supply big data capabilities, cloud computing technology and the cloud platform, while CBN will provide news content. The venture received RMB1.2 billion (US$193.6 million) from Alibaba as part of a broader strategic agreement with Shanghai Media Group. The service is currently available on desktop and is planned to be added to Mobile Taobao; a public launch date has not been disclosed. The companies say the platform will help Chinese SMEs tap financial data to improve investment and financial decision-making.

Total raised

$194M

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1

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Equity

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Jun 2015