On Air Now

Listen

Listen Live Now » 98.5 FM Battle Creek, Michigan

Weather

Current Conditions(Battle Creek,MI 49017)

More Weather »
55° Feels Like: 55°
Wind: SSE 6 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Clear 46°

Tomorrow

Mostly Sunny 71°

Sat Night

Partly Cloudy 53°

Alerts

Alibaba overhauls pact with Alipay parent, sells SME loan business

SAN FRANCISCO (Reuters) - Alibaba Group Holding Ltd overhauled its pact with the parent of its payments affiliate Alipay, boosting the Chinese e-commerce giant's potential gain if Alipay is sold or goes public, according to an amended Alibaba filing on Tuesday.

Alibaba, which is set to go public in New York later this year, also agreed to sell its small and medium enterprise loan business for $518 million cash to Alipay's parent company, called the Small and Micro Financial Services Company.

The deal was revised on Aug. 12, Alibaba said in the securities filing. The earlier agreement was reached in 2011.

(Reporting by Deepa Seetharaman; Editing by Chris Reese)

Comments