After raising $25 billion via its IPO in New York, Chinese ecommerce giant Alibaba has bought a 15% stake in Beijing Shiji Info Technology, a hotel tech business, for more than $450 million.
Reports are based on a filing released yesterday by Beijing Shiji to the Shenzen Stock Exchange.
Beijing Shiji works with most major international hotel chains in China. It is primarily a consultancy which can install a range of products and services for hoteliers and has proprietary systems and partnerships with other tech businesses.
The brand will work closely with Alibaba’s travel business Taoboa Travel.
Elsewhere, another rumour doing the rounds is that Alibaba’s rival Tencent led a $20 million Series B funding round for Woqu, an online travel agency which specialises in Chinese outbound travel to the US.
A spokesperson for Tencent told Tnooz that it would not comment on market speculation.
NB: Price movement image via Shutterstock
