China's largest e-commerce company Alibaba Group has become part owner of the country's top soccer club, Guangzhou Evergrande. The part acquisition was announced on Thursday in a joint press conference with Alibaba founder and chairman Ma Yun and real estate tycoon Xu Jiayin. Alibaba has bought a 50 percent stake in the club, worth 1.2 billion yuan. Evergrande's rise to the top of the Chinese league has left many dumbfounded.

Promoted to the Super League in 2011, the Guangzhou club won the title that very season before going on to dominate 2012 and 2013. In 2013, the club claimed the Asian Football Confederation or AFC Champions League crown, becoming China's first Asian champion since the country launched the professional league in 1994.