UCWeb, a leading Chinese mobile browser and service provider, today announced a RMB3 billion (about US$480 million) investment plan, called Project GEEK, for the next three years. It includes hiring one thousand people.

The latest rumor about the company is Morningside Ventures, who invested in UCWeb in 2007 and 2009, had sold its stake to Alibaba, who became an investor of UCWeb’s in 2009. It is estimated that Alibaba would become the biggest shareholder of UBWeb’s after the deal. The cause, according to media reports prior to the rumor, was that Baidu would like to acquire UCWeb so that investors like Morningside could exit — Alibaba wasn’t happy to see it happen and stepped in.

When asked about it today, Yu Yongfu, CEO of UCWeb, told media today what he had said for a couple of times before that UCWeb would never be acquired. He added that UCWeb would acquire other companies. The company has made strategic investments in over 20 startups in the past three years.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com