Alibaba pays $459 million for stake in Chinese hotel tech company

BEIJING (Reuters) - Alibaba Group Holding Ltd has bought a 15 percent stake in hospitality technology provider Beijing Shiji Information Technology Co Ltd for 2.81 billion yuan ($458.66 million), marking its first major investment since raising $25 billion in a record-breaking initial public offering. Shiji provides IT consulting to hotels and sells software that manages room reservations, purchasing and inventory and point of sales systems. ...

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