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Alibaba buys Kaola e-commerce platform for 2 billion dollars

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Alibaba buys Kaola e-commerce platform for 2 billion dollars
September 09
13:00 2019

NetEase, Inc. will sell its Kaola trading platform to Alibaba Group. The deal will amount to $ 2 billion.

Alvin Liu, General Manager of Tmall Import and Export, which is part of Alibaba Group, will run the platform.

In addition to buying a trading platform, Alibaba intends to invest about $ 700 million in the music streaming service of the same company. It’s called Cloud Music. Despite investing such a large amount, NetEase will remain its main owner.

On Thursday, Alibaba Group securities lost about 0.25% during the bidding process in New York. NetEase shares dropped 0.2%.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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