(Yicai Global) Feb. 6 -- Taobao.com, an e-commerce website run by internet gargantua Alibaba Group Ltd., will exclusively cooperate with CCTV during the Chinese New Year to distribute CNY1 billion (USD159 million) red envelopes to lure more potential customers, taking advantage of China's most important traditional festival, internet media TechWeb reported.

The Chinese Lunar New Year, a traditional time of reunion for Chinese families, falls on Feb. 16, while the CCTV Spring Festival Gala is a literary program gaining high audience ratings over the holiday. Internet mega-players have achieved good results in recent years by doling out red envelopes on the program to promote e-commerce, internet payment and social networks to a public that is unfamiliar with information technology.

The event will run from Feb. 11 to Feb. 15, with CNY1 billion red envelopes dispensed and CNY600 million handed out on the evening of Feb. 15 alone.

China has over 230 million people over the age of 60, most of whom do not yet have a Taobao account. The red envelope distribution activity is expected to attract more new customers to understand and use Taobao.com with the help of social networks of relatives and friends, insiders noted.