In recent news, Alibaba Group Holdings Ltd. will be purchasing a buying control of AGTech Holdings Ltd. for $308 million. The goal is to boost the lottery business in China. Ali Fortune Investment Holdings Ltd. will end up owning about 59.45% of the company according to a filing to the Hong Kong stock exchange.
AGTech runs lotteries in many provinces in China and it will now expand its games, hardware and distribution across the country. Alibaba and its affiliate will be helping AGTech with cloud computing. Ali Fortune is 60% owned by Alibaba and 40% owned by Alipay-operator Zhejiang Ant Small & Micro Financing Services Group.
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