Alibaba Buys Stake in Digital Mapping Company AutoNavi

Alibaba Group, China’s largest e-commerce firm, become the largest shareholder in digital mapping company AutoNavi Holdings Ltd. on May 10 by taking a 28 percent stake. Analysts say Alibaba may be trying to diversify its product lineup ahead of a possible initial public offering later this year. In April, Alibaba also bought a 18 percent stake in Sina Weibo, often referred to as China’s Twitter.