Alibaba Group Holdings Limited has signed an agreement with China Business News (CBN) that will see the e-commerce company invest up to RMB1.2 billion ($193.6 million) in the media company.

According to Tech Crunch, the deal was inked on Thurs, June 4, by top Alibaba executive Tiger Wang, and the Chairman of CBN Li Rong, at a ceremony in Shanghai. 

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A statement from Alibaba reveals that the "strategic agreement" between Alibaba and Shanghai Media Group - the parent company of CBN - will see both companies leverage their technology and media resources to serve Chinese enterprises by providing them with much needed financial information. 

"By utilizing Alibaba Group's big  data and cloud computing capabilities, both companies will jointly develop a comprehensive financial data and information platform that will provide users with timely financial news and information in order to enhance their investment and financial decision-making capabilities," the statement from Alibaba said.

Since Alibaba's historic $25 billion IPO last year, the company has invested heavily in local and international firms to drive its growth. But some critics have accused the company of making "irresponsible binge" investments.  

According to a report by Fortune, Alibaba Pictures Group Ltd is set to sell shares to "select investors" in order to fund new media-related investments. At the moment, it is unclear if the this deal with CBN is part of this "media-related investment." It is also unclear when the new Alibaba/CBN venture will begin operation. 

The new agreement is not the first instance of collaboration between Alibaba and CBN. At the moment, CBN relies on Alibaba's Alipay to provide stock quote information. Also, CBN's wealth management service is set to be launced on Alibaba's Mobile Taobao app.

"The era of Data Technology is here and it will surpass the Information Technology era," Alibaba Chairman Jack Ma said."The DT era is about transparency, sharing of information and enabling others. Alibaba is excited about the possibilities of the DT era and how it can bring value to society." 

TagsAlibaba Group Holdings Limited, China Business News (CBN), Shanghai Media Group, Alibaba China Business News, Alibaba Media Investment