Chinese Online Retailer and Media Company Form Digital TV Shopping Joint Venture

Taobao, a subsidiary of Alibaba Group, and Wasu Media Internet Limited, a subsidiary of Wasu Digital Television Media Group, have formed a joint venture to launch an interactive, digital television shopping network and website to target Chinese consumers.  Taohua.com will be China’s first comprehensive digital products platform offering single-stop sharing and purchase of products.  “For the first time in China, consumers will be able to shop from home on the Wasu Television Taobao Mall via interactive digital television shopping technology, which allows selection of goods and services using their TV.”  Initial product categories will include: household goods, consumer electronics and apparel.  The owners have capitalized the joint venture with RMB 100 million (approximately USD $14.7 million).  Alibaba Group Press Release Jun. 29, 2010