SHANGHAI: Alibaba Group Holding Ltd and its affiliate Ant Financial will invest nearly US$1bil in a joint venture that they hope can tap China's fast-growing local services market, focusing at first on food delivery.
Local services, also known as online-to-offline (O2O), have been booming in China, with some of the country's most valuable startups like taxi-hailing app Didi Kuaidi operating in this area.
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