Alibaba invests in travel site

CNC report from Shanghai
Added On July 18, 2013

Chinese online retail giant Alibaba said on Tuesday it has invested in a travel website.

And the investment is the latest in a series of deals ahead of a planned stock offer.

Alibaba's "strategic investment" in China's Qyer will complete its travel platform Taobao Travel, by providing high quality travel-related services and content.
Qyer, formally set up in 2008, offers an online travel platform, with a focus on international travel.

In May Alibaba said it would pay 294 million U.S. dollars for a 28 percent stake in China's leading digital map provider, AutoNavi.

Earlier this year Alibaba bought an 18 percent stake in China's dominant microblog provider Sina Weibo.

The moves come before an expected initial public offer by Alibaba, the world's largest online retailer.

Analysts say it could value the company at between 60 billion and 100 billion U.S. dollars.