Dec 03, 2015 07:09 PM

Alibaba Investment Firm Bets on Website Selling Steel Products

By staff reporters Wang Qionghui and Lu Xiaoxi

(Beijing) – An investment firm under Alibaba Group Holding Ltd. signed an agreement on December 2 with the listed subsidiary of major state-backed metals trader to develop an e-commerce website for steel products.

The deal will see Hangzhou Ali Venture Capital Co. Ltd. invest 317 million yuan in the website, the companies said at a press conference on December 2. Shanghai-listed Minmetals Development Co. Ltd., a unit of China Minmetals Corp., will invest another 203 million yuan.

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