Alibaba Group Holding Ltd announced it had bought a controlling stake in online marketing company AdChina, an investment aimed at bolstering its advertising business.

Alibaba did not close the size of the deal or the stake it would take in AdChina, a Shanghai-based firm founded in 2007. The internet marketing firm, which generated $51 million in sales in 2011, had filed for a $100 million initial public offering in Feb. 2012, but pulled the listing a year later.

Source:  The Economic Times