Alibaba Group Holding Ltd (NYSE:BABA) announced it has signed a strategic agreement with Shanghai Media Group (“SMG”) to leverage both companies’ Internet technology and media resources in order to penetrate China’s financial information services industry.

As part of the strategic agreement, Alibaba Group intends to invest RMB1.2 billion ($193.6 million) into China Business News (CBN), a leading Chinese financial media company under SMG, to create a financial data and information services company that will help Chinese small and medium enterprises tap a rich mine of financial data. 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 aim of this platform is to raise the bar on enterprise efficiency in China by leveling the information playing field. By giving a greater number of Chinese enterprises access to precious financial data that can be easily mined and analyzed for actionable investment and business decisions, this platform is expected to help these enterprises scale and expand their businesses.

Currently, Alipay and CBN are collaborating to provide users with stock quote information and CBN’s wealth management information product will also soon launch on Mobile Taobao. Alipay is part of Ant Financial Services Group, a related party of Alibaba Group. Alibaba Group and SMG will also work toward enhancing digital and traditional media convergence in the industry through the launch of innovative new media products for the market.

“The era of Data Technology is here and it will surpass the Information Technology era. 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,” said Alibaba Group Founder and Executive Chairman Jack Ma.

This strategic agreement with SMG is expected to help Alibaba Group develop DT-era products and services to enrich the lives of Chinese users, be it in academia, business or media sectors. Alibaba Group Strategic Decision Committee member Tiger Wang and CBN Chairman LI Rong participated in the signing ceremony in Shanghai.

Through this tie-up, CBN is well-poised to expand its financial media information services and continue to innovate in China’s traditional financial media industry. CBN is China’s leading financial media group with a variety of media assets, such as television, radio, newspaper, magazine and news agencies. (Original Source)

Shares of Alibaba Group closed yesterday at $90.79 . BABA has a 1-year high of $120 and a 1-year low of $80.03. The stock’s 50-day moving average is $86.31 and its 200-day moving average is $92.92.

On the ratings front, Alibaba Group has been the subject of a number of recent research reports. In a report issued on May 21, Morgan Stanley analyst Angela Moh maintained a Buy rating on BABA. Separately, on the same day, Bernstein Research’s Carlos Kirjner assigned a Buy rating to the stock and has a price target of $120.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Angela Moh and Carlos Kirjner have a total average return of -6.5% and -0.7% respectively. Moh has a success rate of 25.0% and is ranked #2996 out of 3610 analysts, while Kirjner has a success rate of 63.0% and is ranked #2815.

In total, 20 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $105.92 which is 16.7% above where the stock closed yesterday.