Sports: Alibaba Group, Handnice Group to invest $1.5m in LeidaSports
Alibaba Group Holding Ltd is all set to foray into sports. The company will join hands with Handnice Group in backing a Chinese digital sports data company to the tune of $1.5 million.
The recipient firm, LeidaSports, which provides sports data information and betting services, will merge with another Chinese operator, a digital application called Sports Craze, stated a press release. Sports Craze claims more than five million active users.
Under the new operating arrangement, LeidaSports and Sports Craze will collaborate to supply “sports data and various content to sports content providers” across China.
Data will come via LeidaSports’ existing partnership with sports and betting-related data company Sportradar AG, a multinational corporation with headquarters in St Gallen, Switzerland.
Kai Sun, co-founder of LeidaSports, said: “The two sides will develop rich sporting data and games based on European football and basketball leagues.”
“We are very proud be part of Leida Group/Sports Craze. Alibaba Group, together with Ali Sports, will set up a strategic partnership with Leida through its subsidiaries such as Alibaba Lottery, UC Web and Alipay,” said Wang Guozhou, investment manager at Alibaba Group.
Last September, Alibaba Group secured a collaboration with media corporation Sina and private equity firm Yunfeng Capital to establish Ali Sports, with the goal of investing in the Chinese sports industry.
In November, Alibaba then agreed a deal to acquire Chinese video streaming firm Youku to support the project.
Alibaba Group is also in the process of taking a majority stake in AGTech Holdings Ltd, a Hong Kong-listed operator in the China lottery market.