Apple Inc.’s stock rose more than 2% after the company reported that it is looking to invest $1 billion in China.
Apple reported on Thursday that it has agreed to invest in China’s Alibaba Group, which is one of China’s largest online shopping portals, as well as in China-based micro-payment provider WeChat Pay.
It was not immediately clear whether Apple plans to invest its own funds.
The company has been spending billions of dollars on building out its business in China, as it seeks to expand its business to more customers, including U.S. consumers.
The stock is up about 12% in 2018 and is up nearly 23% in 2017.
The iPhone maker reported last year that it would spend $2.4 billion in 2018, or roughly $4 billion a year, on Chinese expansion.
Apple is also looking to build out its retail and online presence in China through acquisitions, according to a report from Bloomberg.
Apple’s acquisition of Chinese electronics giant Xiaomi and other acquisitions were also part of its plans to expand into China.
The move to invest funds in China will give it a financial edge in the country, analysts said.