Online shopping business slowing
Chinese e-commerce giant Alibaba Group Holding Ltd (BABA.N) is in talks with several banks to borrow up to $4 billion to fund expansion plans, including acquisitions, the Wall Street Journal reported on Friday, citing people familiar with the matter.
The loan is expected to be finalized next month, one of the people told the Journal. (on.wsj.com/21mefBf)
Alibaba declined to comment.
The company has been picking up stakes and buying companies in China and abroad.
Alibaba has also been expanding in other areas such as online video and local services as volume growth in core online shopping business slows.
Alibaba shares were up 1.8 percent at $67.88 in early trading on Friday. Up to Thursday’s close of $66.66, the stock had fallen about 18 percent this year.