Ali and China Minmetals formally signed building steel

earlier, Minmetals development on Friday evening announcement said, intends to a subsidiary of Agel Ecommerce Ltd (hereinafter referred to as Minmetals Minmetals business capital), while the introduction of Ali venture capital and Minmetals business staff incentive platform Hailiyunchui jointly participate in the capital increase.

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technology news December 2nd afternoon, the development of Limited by Share Ltd Chinese Minmetals Minmetals Group (hereinafter referred to as Minmetals Development) and Alibaba group Hangzhou Investment Company Limited (hereinafter referred to as Ali Ali venture capital) today in Beijing to reach an agreement. The two sides will set up a joint venture company, to build integrated business platform, for the entire steel market downstream, transaction related services for storage, processing, finance, transportation, providing support for the downstream industry and the surrounding businesses, including online trading, logistics, finance and other business services.

earlier, Minmetals development on Friday evening announcement said, intends to a subsidiary of Agel Ecommerce Ltd (hereinafter referred to as Minmetals Minmetals business capital), while the introduction of Ali venture capital and Minmetals business staff incentive platform Hailiyunchui jointly participate in the capital increase. After the completion of the capital, Minmetals development, venture capital, Ali Hailiyunchui respectively hold 46% and 44%, Minmetals business 10% stake.

for this cooperation, Alibaba group CEO Zhang Yong said that the cooperation of Ali’s B2B platform has a special meaning, I hope the future of such exploration can be copied to other more vertical field. With Minmetals cooperation to create a business platform, can help the majority of steel enterprises and traders to shorten the trade chain, reduce costs and expand sales channels, accelerate the transformation and upgrading of traditional steel industry.

China Minmetals Corp chairman He Wenbo said, Alibaba jointly build China Minmetals steel vertical B2B electronic business platform, will be in the field of commodities including non-ferrous metals, production and service, to create a new business model. Joint venture platform in the exploration and reform of the equity level, is conducive to the strength of the central enterprises and private enterprises closely together. (Ding Zhuang)