SHANGHAI: Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for US$2bil (RM8.36bil), 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 (RM2.92bil) for a minority stake in Netease's music streaming arm as it takes on Chinese market leader Tencent Music.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!