Alibaba, Jack Ma Buy into Leading Online Video Company

(Beijing) – Youku Tudou Inc., the country's biggest video website, has lined up with Alibaba Group as the e-commerce giant prepares for a U.S. initial public offering.

Alibaba and Yunfeng Capital, a private equity company co-founded by Alibaba's founder Jack Ma, have agreed to buy 18.5 percent of Youku Tudou with US$ 1.22 billion, the video company said in a statement on April 28.