Alibaba sets up sports unit

China Daily (Canada) - - NEWS CAPSULE -

Alibaba Group Hold­ing Ltd es­tab­lished a sports unit, mark­ing the e- com­merce­giant’s of­fi­cial en­try into the lu­cra­tive sec­tor.

The Hangzhou-based com­pany said Alibaba Sports Group, which is un­der the con­trol of Alibaba Group, is a coin­vest­ment with the In­ter­net por­tal Sina Corp and Yun­feng Cap­i­tal, a pri­vate eq­uity firm co-founded by Alibaba Chair­man Jack Ma.

“Alibaba Sports is aim­ing to gen­er­ate new val­ues and up­grade the whole sports in­dus­try with our dig­i­tal ecosys­tem,” said Alibaba CEO Zhang Yong, high­light­ing the In­ter­net’s role as im­por­tant in­fra­struc­ture for eco­nomic growth.

The move is also part of the In­ter­net con­glom­er­ate’s broad ef­forts to boost and di­ver­sify rev­enue sources as the com­pany faces slower growth.

Alibaba has al­ready set foot in the en­ter­tain­ment and healthcare in­dus­tries with two sep­a­rate units.

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