Alibaba seeks $5b loan amid tech financing rush

Chinese e-commerce giant Alibaba Group Holding Ltd. is in talks with banks to raise $ 5 billion in new financing, sources told Thomson Reuters Basis Point, amid a wave of collection Of funds by Chinese technology giants.

Alibaba seeks to raise offshore funds via a bullet loan with a maturity of five years, in order to use the product for general corporate purposes, including refinancing, according to sources .

The plan comes as the main rival Tencent Holdings seeks to raise up to $ 2 billion in new debt financing, with the competition heats up among the country's Internet companies to the top- Domestic and foreign.

Alibaba, best known for its e-commerce platforms Tmall and Taobao, has been expanding in cloud computing, large data and logistics.

A spokeswoman for Alibaba refused to comment.

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