UCWeb buy may raise Alibaba IPO valuation - UCWeb CEO
BEIJING, June 12
BEIJING, June 12 (Reuters) - Alibaba Group Holding Ltd's full acquisition of Chinese mobile browser firm UCWeb and subsequent merger may create a higher valuation for Alibaba's coming U.S. listing, UCWeb Chief Executive Yu Yongfu said at a group media interview on Thursday.
On Wednesday, Alibaba bought the remaining one-third of UCWeb the e-commerce firm didn't already hold in what it said was the biggest Internet merger in China's history.
Alibaba's purchase of UCWeb emphasises the company's push to do more business on mobile in the world's biggest smartphone market, where it is locking horns with Tencent Holdings Ltd and Baidu Inc. (Reporting by Paul Carsten; Editing by Kazunori Takada)