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Alibaba's stake in Snapchat may buoy mobile portfolio

By Amy He in New York ( China Daily ) Updated: 2014-08-01 07:09:04

China's e-commerce giant Alibaba Group Holding Ltd is reportedly in talks to provide funding to US messaging company Snapchat, further adding to the Hangzhou-based company's string of investments in American companies leading up to its IPO debut in the United States.

Alibaba is part of a group of investors negotiating with Snapchat, according to Bloomberg News, which said this latest round of financing may value the California-based company at $10 billion.

Alibaba and Snapchat representatives did not return requests for comment.

Alibaba's stake in Snapchat may buoy mobile portfolio

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