(Yicai Global) Aprill 11 -- E-commerce giant Alibaba Group's Alisports.com has kicked off its CNY1.2 billion (USD179 million) worth of A-round financing plan, with the company's market valuation reaching CNY7 billion, reported TechWeb.com.cn, an online media outlet. Alisports.com has confirmed with the media its A-round financing, yet did not disclose any details of the financing.
This round of financing of Alisports.com is led by the YF Capital under Alibaba founder Jack Ma. Its associated capital contributor will contribute about CNY1 billion. Other investors also include Suzhou Taiping GuofaDingsheng Investment Enterprise Ltd. and Shanghai Qianheng Venture Capital Enterprises Ltd.
This round of financing will be mainly used for IP consolidation operations, content production, copyright procurement, acquisitions and investments.
Established in September 2015, Alisports.com is controlled by Alibaba Group, and jointly invested by Sina and YF Capital. Zhang Yong, CEO of Alibaba Group, serves as board chairman while Zhang Dazhong, former vice president of Shanghai Media Group (SMG), serves as CEO.
Since its launch, Alisports.com has inked a cooperation agreement with International Federation of Football Association (FIFA), the international governing body of football associations, to become the exclusive title sponsor for FIFA Club World Cup tournaments till 2022.