--FILE--Chinese employees serve visitors at the reception desk in the headquarters of Alibaba (China) Technology Co., Ltd. in Hangzhou city, east Chinas Zhejiang province, 16 March 2012. Chinese e-commerce giant Alibaba Group has reportedly acquired a 20% stake in Wasu Media Holding Co worth about US$1 billion, the Guangzhou-based 21st Century Business Herald reports, citing market speculation after Wasu issued a statement on Tuesday (4 March 2014) to suspend trading. The Shenzhen-listed company said on March 4 that it would suspend trading on the local stock market as it planned to adjust a private placement scheme. A spokesperson for Alibaba offered no comment in response to the market speculation. A Wasu spokesperson said the suspension is because the firm intends to introduce a strategic investor, declining to elaborate further. The investment, if true, will be another major investment for Alibaba after the company on Feb. 17 acquired a 72% stake in AutoNavi Software Co for US$1.045 billion. The two companies have previously been partners in a joint venture, having jointly invested 100 million yuan (US$16.5 million) in a TV shopping venture. In 2011, Alibaba bought back Wasus stake in the joint venture for 28 million yuan (US$4.6 million).
