China’s biggest catalysis company to raise $1.3B in Series B round

The Chinese e-commerce giant Alibaba is expected to announce on Thursday that it has raised $1 billion in a Series B financing round led by China’s state-backed Caixin Investment Corp. for its new manufacturing facility in Shanghai.

Alibaba will invest a total of $1,050 million in the new manufacturing operation, which is to be built on a 65,000 square meter site, the company said in a statement.

The funding comes at a time when Alibaba is battling against local competitors such as Tencent and JD.com, which it says are disrupting its business model.

Alibaba is the third-largest e-retailer in the world behind Amazon and eBay, according to research firm IDC.

The company has raised more than $1 trillion from investors over the past decade.

Last year, Alibaba raised $10.8 billion in an initial public offering.