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