An Australian Securities Exchange listed company is just one of the many companies that Alibaba Group Holding Ltd (NYSE:BABA) is inspiring because of its rapid rise to prominence, a report from The Australian reveals.
According to the publication, MigMe is hoping to take cues from Alibaba Group Holding Ltd (NYSE:BABA)’s business and re-energize Sold.sg, an electronic commerce company it just bought.
“In our view, the key to the incredible success of Taobao, one of Alibaba’s key e-commerce assets, was its social experience. Over the current year, we’ll be looking to replicate some of that success by bringing a playful social-commerce experience to MigMe’s platform and growing user base,” Steven Goh, MigMe’s top executive, is quoted by The Australian as saying.
Sold.sg, like MigMe, is based in Singapore and it operates a pay-to-bid auction site and an online shopping site, The Australian notes. MigMe has a virtual games and gifts platforms which may explain their acquisition of Sold.sg.
Like Alibaba Group Holding Ltd (NYSE:BABA)’s Taobao, MigMe through Sold.sg is likely to integrate social features to MigMe’s communications channels like its chatrooms and maybe even the company’s games.
MigMe, according to The Australian, has tapped Australian market maker BBY to provide marketing and equity capital market services. The publication’s sources also reportedly say that MigMe is thinking of raising capital.
Aside from talking about MigMe and how Alibaba Group Holding Ltd (NYSE:BABA) has inspired the ASX-listed company, The Australian also reported that there is an increased interest from Asian technology companies in listing at the ASX.
“Bankers in the tech sector are receiving increasing inquiries from Asian-based companies for a potential listing in Australia, and the ASX is already talking to tech companies in Singapore, Malaysia and Indonesia,” the publication writes.
Alibaba Group Holding Ltd (NYSE:BABA) shareholders includes Rob Citrone’s Discovery Capital Management which reported owning about 10.39 million shares in the Chinese e-commerce giant by the end of September.