On June 4th, 2015, Shanghai Media Group (“SMG”), a leading media group in China, announced its strategic cooperation with Alibaba, an e-commerce giant, aiming to transform CBN Co., Ltd (“CBN”), an affiliation to SMG, to a new worldwide digital media and financial information service group by leveraging each other’s advantages in the field of medium and large data resource.

As the most powerful and professional financial media group, CBN owns a number of media platforms, including CBN TV, CBN Daily, CBN Radio, CBN Weekly, CBN Websites and CBN Research.  In this transaction, Alibaba will invest RMB 1.2 billion in CBN to explore the financial data services with CBN. The cooperation is an important step to realize the socialization of data, to promote data serving capacities in the market, and to construction of Shanghai international financial center as a whole.

Grandall Law Firm (Shanghai) has acted as the special legal counsel for SMG and CBN, with Ms. WU Xiaoliang, Mr. ZHOU Yijie, Mr. DI Chaoping and Ms. TANG Jie being key lawyers servicing the case while Mr. LIU Wei and Mr. GUAN Jianjun offered great support therein.