(Yicai Global) May 16 -- A unit under China's second-biggest online retailer Alibaba Group Holding Ltd. has agreed to provide network technology services to Rongyu Group Co. as the latter looks to optimize operations and cut costs.

Alibaba China Technology Co. penned the deal to provide a number of e-commerce service solutions, including global wholesale network 1688, Alibaba Cloud and work-based messaging platform Ding Ding, the Beijing-based buyer said in a statement yesterday. It will also help Rongyu with enterprise services, big data, New Retail and cloud computing, with prices determined in separate contracts.

Jilin-based Rongyu is mostly involved in developing technology and finance, with products and services covering electrical equipment, credit investigations, commercial banking and financial leasing.

Earlier this year it unveiled plans to extend its tech presence by spending CNY60 million (USD9.4 million) on a 51-percent stake in automotive e-commerce marketer Hangzhou Yuyuan Network Technology Co., based in the same city as Alibaba.

Editor: James Boynton