THE COMPANY co-founded by Jack Ma is taking control of a little-known but rapidly growing business run with partners that sits at the heart of Alibaba’s expansion — both in China and abroad. Picture: BLOOMBERG/QILAI SHEN
THE COMPANY co-founded by Jack Ma is taking control of a little-known but rapidly growing business run with partners that sits at the heart of Alibaba’s expansion — both in China and abroad. Picture: BLOOMBERG/QILAI SHEN

Baidu Inc’s iQiyi is targeting a US initial public offering as soon as in 2018 that could value China’s most popular Netflix-style streaming video service at more than US$8bn, two people familiar with the matter say. The company, controlled by search giant Baidu, is about to kick off negotiations with banks and deal arrangers and is shooting for a valuation of as much as $10bn — Bloomberg

Alibaba takes control of delivery business Cainiao

Alibaba Group Holdings Ltd will buy control of unprofitable delivery business Cainiao for ¥5.3bn and spend billions of dollars more to expand a shipping network that spans the world’s largest e-commerce market. China’s largest Web marketplace agreed to increase its stake in Cainiao Smart Logistics Network to 51%. Under the deal, Alibaba plans to consolidate Cainiao’s financials into its own books, eroding Alibaba’s bottom line, and will get an additional seat on Cainiao’s board, taking its representation to four out of seven seats, the company said in a statement — Bloomberg

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