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Alibaba.com<1688> announced yesterday it plans to set up a joint venture firm with Softbank Corporation, Japan''s third largest mobile telephone operator, in a bid to step into Japanese small and media-sized enterprises (SME) e-commerce market.

Alibaba and Softbank will hold 35% and 65% of the new company''s stake respectively, according to the report. "We do not inject any cash capital into the new firm, which enables us to reduce financial risks faced in the course of our global presence," said David Wei, Alibaba.com chief executive.

In addition to the Japanese market, Alibaba has started to seek opportunities in India, European and the U.S. markets, sources reported.

The mainland''s largest e-commerce firm on the same day reported its first-quarter net profit jumped 111.7% year on year to RMB 300.7 million, up 162% from the fourth quarter of last year.


Source:China Knowledge