According to an unnamed insider, Alibaba Group has agreed to invest $12 million in Guangzhou-based mobile browser developer UCWeb to build a mobile Internet e-commerce company, reports ChinaByte. A UCWeb marketing department employee said the company has heard of the rumor, but that the rumor had not yet received confirmation from company management, reports DoNews. The employee said the company will announce details if there are further developments. Alibaba has not confirmed the news, said the report.Alibaba recently issued an internal document announcing the establishment of a fund management company that will be led by Libra Capital founder and former CEO Xiong Xiong to target the secondary market.
Alibaba's online payment tool Alipay confirmed May 4 that the company will begin promoting mobile payment services this year, according to a Sina report.
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