NEW YORK (TheStreet) -- Shares of Alibaba Group Holding (BABA) are increasing by 0.32% to $90.80 in Wednesday's afternoon trading session on talks that the Chinese e-commerce company will invest in financial media outlet China Business Network, Reuters reported.
The investment will be worth more than $151 million, and the deal could be announced as soon as Thursday, sources told the publication.
China Business Network is part of Shanghai Media Group, a multimedia television and radio broadcasting, news and Internet company.
As Alibaba continues to have an increased presence in China, one of the world's largest markets, "a stake in a financial media outlet could help round out Alibaba founder and Executive Chairman Jack Ma's already extensive holdings in China's financial industry," Reuters reports.
In order to challenge the country's state-owned banks and other institutions, Jack Ma is aiming to build an array of online services, Reuters added.BABA data by YCharts