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China BizTech News Weekly Digest – April 10, 2014

By Su-Jun Lim


Alibaba Invests $692 Million In Chinese Department Store Operator
Alibaba Group Holding Ltd invests $692 million in Hong Kong-listed department-store operator, Intime Retail (Group) Co Ltd. to target high-end consumers, and fuse offline and online shopping. Alibaba is poised for the highly anticipated initial public offering in New York, biggest since Facebook Inc. (FB).


China Counterfeit Report: Do ‘Factory Extras’ Really Exist?
Counterfeit products have always posed a threat for China’s luxury market. High quality fake goods sold as “factory extras” are almost non-existent and likely just “fake”, according to a report from Chinese media portal Sina.


Lyft Becomes Alibaba’s Latest Bet on Silicon Valley
Alibaba Group Holding pours $250 million into Lyft, the pink-mustachioed ride-share car service that is growing in popularity, joining the investment firm Third Point in the latest round of Lyft’s fundraising. This came after a series of other purchases by Alibaba, like the $280 million investment in TangoMe, $206 million in ShopRunner, and $50 million in Quixey, presumably to build its US presence before its US IPO.


House of Fraser: Chinese tycoon in talks over department store purchase
It is official; Sanpower Group led by China tycoon, Yuan Yafei closed the deal with British department store, House of Fraser, as of last Friday. The 165-year-old British retailer is valued at more than £450m.


The Next WhatsApp?
Following the $19 billion purchase of WhatsApp by Facebook, a number of social networking apps like WeChat, Momo, Meitu XiuXi and Chang Ba, that are already popular in Asia also receive extra attention. Could they be the next blockbuster?

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