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Finance & Economics

Alibaba acquires import e-commerce platform

Sep 06, 2019

Alibaba Group is buying?Kaola

Alibaba acquires import e-commerce platform. Source:?shutterstock.com

Alibaba Group is buying?Kaola, the import e-commerce platform owned by online gaming and entertainment company?NetEase, for about $2 billion and taking a minority stake in NetEase Cloud Music, the two Hangzhou-based companies said.

Kaola will continue to operate independently under its current brand, with Tmall Import and Export General Manager?Alvin Liu?serving as Kaola’s new CEO.

In addition, Alibaba and Yunfeng Capital will together invest about $700 million in NetEase Cloud Music in its latest round of financing. NetEase will remain the controlling shareholder of NetEase Cloud Music following the closing of this transaction.

In a release, Alibaba CEO Daniel Zhang said the company is confident in the future of China’s import e-commerce market, saying it “remains in its infancy with great growth potential.”

With Kaola, we will further elevate import service and experience for Chinese consumers through synergies across the Alibaba ecosystem. Alibaba also looks forward to becoming a partner in the future development of NetEase Cloud Music and exploring innovative collaboration in the digital entertainment space
Daniel Zhang, Alibaba CEO 

NetEase CEO William Ding says the deal “will allow NetEase to focus on its growth strategy, investing in markets that allow us to best leverage our competitive advantages.”

SEE ALSO:?Alibaba and its fintech ecosystem

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