China Stocks Drop Again
Chinese shares closed 3.04 per cent down on Wednesday, falling for the third consecutive day. The drop was driven by financial and brokerage shares. The benchmark Shanghai Composite Index dropped 3.04 per cent, or 65.61 points, to end at 2,092.22. The Shenzhen Component Index closed at 6,924.49 points, down 256.79 points, or 3.58 per cent.
Alibaba Spends RMB5 bn on Taobao
The Alibaba Group will invest RMB5 bn in its online auction company Taobao over the next five years, Reuters reports. Most of the money will be spent on enhancing the Taobao platform. "Given the rapid growth of Internet use in China, we expect online shopping will become a mainstream Internet application in the near future," Jonathan Lu,
President of the online auction company, said. In July, Alibaba announced an investment of RMB2 bn.
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