Thomas Bach Alibaba Executive Chairman Jack Ma ©ITG

A new logo has been unveiled by Alibaba Group following a meeting with International Olympic Committee (IOC) President Thomas Bach at their headquarters in Hangzhou. 

The logo, designed to serve as official branding for their Olympic sponsorship, was revealed on a commemorative plaque jointly revealed by Bach and Alibaba executive chairman Jack Ma.

It was announced earlier this year that the Chinese company will become the official "Cloud Services" and "E-Commerce Platform Services" partner of the IOC in a "transformative" deal due to last until 2028.

Bach and Ma then met with young workers at the company before Alibaba ran an Olympic promotion on their TMall platform which attracted 300 million users.

"We are very honoured to be part of the Olympic family," said Ma.

"We share the same vision. 

"The Olympic Movement is a great global platform and we want to get more young people involved. 

"With the technology we have, with the young talent we have, we can make the Olympics more creative, more fun, more entertaining and more efficient."

Bach also toured new sporting facilities in the city set to be used at the 2022 Asian Games.

Bach is in China to attend the quadrennial National Games due to begin tomorrow in Tianjin.

He is accompanied by officials including IOC vice-president Yu Zaiqing and fellow Chinese IOC member Li Lingwei, as well as Hong Kong's Timothy Fok.

"Alibaba is a partner sharing our vision to make all our lives happier and healthier; in our case through sport, in Alibaba's using technology," Bach reportedly told Ma.

"By working closely together, through sport enhanced by technology, then we can both make our dreams come true."

Precise financial details of the Alibaba and IOC deal have not been disclosed.

It is estimated, though, that the "strategic partnership" could be worth more than $600 million ($488 million/€566 million) to the IOC over the next 12 years.

Alibaba will offer "cloud-computing infrastructure and services, support big-data analytics, e-commerce and digital-media solutions".