Alibaba, China Mobile likely to invest $443 million in Dahua Technology

Alibaba Group Holding Ltd and China Mobile Communications Group are considering investing 3 billion yuan ($443 million) in Zhejiang Dahua Technology Co Ltd, people with knowledge of the matter said.

Alibaba Group Holding Ltd and China Mobile Communications Group are considering investing 3 billion yuan ($443 million) in Zhejiang Dahua Technology Co Ltd, people with knowledge of the matter said.

Alibaba is a major E-commerce player founded by Billionaire Jack Ma. China Mobile is a top telecommunications provider in the country.

Dahua is China’s second-largest surveillance equipment maker. It is among the Chinese tech firms that USA has blacklisted as it is said that the company helped Beijing monitor and detain Uighurs and other Muslim minorities.

Shenzhen listed Dahua Technologies has a market capitalisation of $10.3 billion.

China Mobile is also negotiating a three-year business agreement with Dahua worth 40 billion yuan, said two people. The agreement would give China Mobile use of Dahua’s big data and cloud computing services, video surveillance equipment and Internet of Things (IoT) technology.

According to Qianzhan research, China’s smart city market is likely to be worth 25 trillion yuan by 2022 from 7.9 trillion yuan in 2018.

 

Source: Reuters

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