Alibaba invested RMB3.6bn ($520m) in China TransInfo.

Alibaba, a multinational holding company, has invested RMB3.6bn ($520m) in China TransInfo, a public transport software provider. Alibaba is moving into the smart vehicle market with cloud-based solutions. Alibaba acquired a 15% stake in the company at RMB16.1 ($2.3) per share from Xia Shudong, China TransInfo’s president, and some affiliated enterprises. The two parties will work together to accelerate the mass deployment of intelligent public transport solutions and cloud-based services for public security over the next three years, said the company in the announcement. Alibaba did not reveal further details when contacted by TechNode on Tuesday.