Alibaba Withdraws From Youku, Subsidiary Quan Toodou Takes Over
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Youku Information Technology (Beijing) Co., Ltd. made a registration change with the Industrial and Commercial Administration.
On Tuesday, Youku Information Technology (Beijing) Co., Ltd. made a registration change with the Industrial and Commercial Administration. With the change, Alibaba Culture Entertainment Co., Ltd. withdrew from the company and, instead, added Shanghai Quan Toodou Network Technology Co., Ltd., as holding 100% of the shares. Tianyancha, a commercial inquiry platform, shows that Alibaba had held the firm's shares from July 24, 2019 to January 19, 2022.
Youku Information Technology (Beijing) Co., Ltd. is the operator of Youku, a leading video sharing website in China. This move means that Alibaba has now changed its ownership to indirectly hold the shares of the firm.
Youku Information Technology (Beijing) Co., Ltd. was established in 2006, with Li Wei as its legal representative and a registered capital of 60 million yuan. Shanghai Quan Toodou Network Technology Co., Ltd., its new shareholder, was established on December 8, 2004. Its legal representative is Li Wei and its registered capital is 70 million yuan.
It is worth noting that Shanghai Quan Toodou Network Technology Co., Ltd. is the registered company of Tudou, the earliest video sharing website in China, and is currently 100% owned by Alibaba.
SEE ALSO: Alibaba Acquires 100% Shareholding of Youku Movie
Alibaba Culture Entertainment Co., Ltd. was established on March 20, 2017. Its legal representative is also Li Wei, and had a registered capital of 500 million yuan. The company has 17 foreign investment enterprises.
On August 23, 2012, the merger of Youku and Tudou was officially completed, and Youku Tudou Inc. was born. On August 6, 2015, Youku Tudou Inc. was renamed Heyi Group. On November 6, 2015, Alibaba Group and Youku Tudou Inc. jointly announced that Alibaba would acquire Youku Tudou Inc. The transaction was made all in cash. On April 6, 2016, Youku and Tudou went private and officially became a wholly-owned subsidiary of Alibaba Group.
