Alibaba buys NetEase's import e-commerce unit for US$2 billion
Alibaba and NetEase also have reached an agreement under which Alibaba – along with co-founder Jack Ma's private equity firm Yunfeng Capital – will invest approximately US$700 million in NetEase Cloud Music in its latest round of financing. – AFP pic, September 6, 2019.
ALIBABA Group has bought the e-commerce platform of NetEase for about US$2 billion and will participate in a US$700 million investment in NetEase’s music streaming service, the two Chinese firms said today. The move will see e-commerce titan Alibaba take control of Kaola, one of China’s top online shopping platforms for foreign brands.
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