Alibaba Bets On Chinese Lottery In Latest Acquisition

News Source:

Alibaba's Alipay affiliate controls how Chinese netizens spend their money; and now Alibaba Group owns a lottery operator and controls how Chinese consumers waste their money.

According to news from China Money Network, Hong Kong-listed lottery operator AGTech Holdings Ltd. is selling HKD1.68 billion of shares and HKD712.6 million of convertible bonds to a company owned by both Alibaba Group and Alibaba's affiliate Ant Financial.

AGTech claims to cover about 80% of mainland China, and the deal with Alibaba will help expand its services throughout the nation.

The lottery company also says only less than 10% of mainland Chinese consumers participate in the lottery, compared with 56% in Hong Kong. So the company says there is still lots of growth potential in spreading the ills of the lottery to many more people.


This news article comes via , who is the copyright owner of this information and news. has licensed the rights to this article and any republication or re-distribution in whole or in part of this content is strictly prohibited without the express consent of

You May Also Like