According to the Wall Street Journal:
“Alibaba Group Holding Ltd. is backing another California startup, announcing a $120 million strategic investment in gaming company Kabam Inc. and a partnership to publish and distribute its free-to-play mobile games. The deal, which values San Francisco-based Kabam at more than $1 billion, comes after The Wall Street Journal reported Alibaba had held talks regarding a financing round for Snapchat Inc. that would have valued the mobile messaging startup at $10 billion. It also marks Alibaba’s latest push to reach more users before its upcoming initial public offering. The strategic infusion into Kabam is akin to recent moves by Chinese tech giants including Baidu Inc. and Tencent Holdings Ltd. to establish a foothold in new geographies by investing in tech startups. Alibaba has invested in nearly two dozen companies in recent years, specializing in everything from the delivery of large appliances to social networks and soccer clubs…”
More on details and a link to the article can be found here.