Alibaba, which is looking for new revenue drivers as the e-commerce market at home matures, will also invest US$700mil for a minority stake in Netease’s music streaming arm as it takes on Chinese market leader Tencent Music.
SHANGHAI: Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for US$2bil, adding a platform that specialises in supplying curated luxury goods from abroad to domestic consumers.
Alibaba, which is looking for new revenue drivers as the e-commerce market at home matures, will also invest US$700mil for a minority stake in Netease’s music streaming arm as it takes on Chinese market leader Tencent Music.
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