Alibaba's investment subsidiary has completed the acquisition of a 25% stake in Sinosoft Technology, a Nanjing-based software company.
Completed by Alibaba.com Investment, the subsidiary of Alibaba Group's listed unit, the transaction is rumored at CNY170 million, which is about 20 times more than Sinosoft Technology's predicted annual profit.
Public documents show that Sinosoft Technology was founded in 1999, and it focuses on DCG, SUG, OAG, and export tax rebate-related software. The company was listed in AIM, London Stock Exchange's international market for smaller growing companies, in March 2006, making it the first Chinese software company listed on the London Stock Exchange.
These is also rumor saying that the company may go to Hong Kong for another IPO before the end of the year; however, neither Sinosoft Technology nor Alibaba gave comment on the news.