Under the terms of the agreement, SYNNEX will receive approximately $60 million for its estimated 79% controlling ownership in HiChina Web Solutions, subject to a 10% holdback. The sale of the controlling interest in HiChina Web Solutions supports SYNNEX' overall strategy of focusing on synergistic expansion of its core competencies and services offerings to benefit its customers and OEM partners within existing and adjacent target markets.

The transaction is expected to close before the end of calendar 2009.

"While HiChina Web Solutions has been a successful and profitable business for SYNNEX, as we evaluated our overall business strategy and the direction we are driving SYNNEX for future growth and expansion, we felt HiChina Web Solutions would be better positioned with a new partner that is more closely aligned with its business strategy in China. We believe this transaction is a positive move for SYNNEX, HiChina Web Solutions and Alibaba," stated Kevin Murai, President and CEO of SYNNEX Corporation. "The sale of HiChina Web Solutions will allow SYNNEX to apply even greater focused efforts and additional resources to our expansion of SYNNEX' Global Business Services' strategic value proposition. I'd like to thank the HiChina Web Solutions team for their hard work and dedication as part of SYNNEX."

Alibaba.com Limited is a global leader in business-to-business (B2B) e-commerce and the flagship company of Alibaba Group. Founded in 1999, Alibaba.com makes it easy for millions of buyers and suppliers around the world to do business online. Together, its marketplaces form a community of more than 42 million registered users from more than 240 countries and regions. Alibaba.com also offers business management software solutions targeting small businesses across China under the "Alisoft" brand.