(Yicai Global) Oct. 15 -- The stock price of China's 21Vianet Group, an exclusive operator of Microsoft Azure and Office 365 services in the country, rallied after the internet provider said that it will supply Alibaba Group Holding with data center solutions.
The share price of 21Vianet [NASDAQ: VNET] rose by 15.8 percent to USD8.36 yesterday. The Beijing-based firm's market capitalization reached USD940 million.
21Vianet has penned a memorandum of cooperation with Alibaba regarding a data center project located in eastern China that will finish the first of two phases by June 2020, spurring revenue worth CNY1.6 billion (USD226.5 million), the company said in a statement yesterday.
The deal demonstrates 21Vianet's internet data center expertise during an era of growth in the development of cloud computing services, said Chief Executive Alvin Wang.
Founded in 1996, 21Vianet has operations in 30 cities across China, with nearly 5,000 customers.
Editor: Emmi Laine