Firm Linked to Potential Alibaba Investment in Beidou Says It Has No Information

(Beijing) – Alibaba Group Holdings Ltd. has been linked to an investment in the homegrown Beidou satellite navigation system, but a listed subsidiary of China's largest defense equipment producer said in a statement on July 8 it has no information about major deals to provide.

Aastocks.com, an investor information website, reported on July 7 that the e-commerce giant would ink a deal with state-owned China North Industries Group Corp., which goes by the name Norinco, to set up a joint venture to promote Beidou for civilian use.