Alibaba Buys NetEase’s Cross-Border Shopping Platform for $2 Billion

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By Yuan Ruiyang and Tang Ziyi / Sep 06, 2019 03:10 PM / Business & Tech

Photo: VCG

Alibaba Group Holding Ltd., China’s largest e-commerce company by market share, said on Thursday it will pay $2 billion to acquire cross-border e-commerce platform Kaola from NetEase Inc.

The announcement, which comes after Caixin reported a potential deal last month, marks the latest consolidation in China’s ultra-competitive online shopping market. NetEase Kaola, the biggest import e-commerce platform in China, is an archrival of Alibaba’s Tmall Global.

Alibaba also agreed to join private equity fund Yunfeng to invest $700 million in NetEase’s music streaming platform, NetEase Cloud Music.

Read the full story on Caixin Global later today.

Contact reporter Tang Ziyi (ziyitang@caixin.com)

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