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Alibaba Acquires NetEase Koala in $2 Billion Deal

Lisa Ramadhani by Lisa Ramadhani
6 years ago
in Business News

Alibaba Group acquires NetEase Koala for $2 billion, the statement was made by both companies. With the acquisition, Alibaba wants to integrate it into Tmall. The project is going to be the largest cross-border e-commerce platform in China.

After the acquisition, Tmall’s import and export general manager, Alvin Liu, has been named as Koala’s new CEO. However, after the acquisition, Koala will remain to operate independently under its own brand.

Tmall and Koala are China’s largest and second-largest cross-border e-commerce platforms. They hold, respectively, 31.7% and 24.5% of the market. Therefore, their union means they will create a business that will far outstrip in size rivals like JD Worldwide, VIP International and Amazon China.

Read also: Alibaba’s Listing in Hong Kong Delayed

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Besides, Alibaba and Yunfeng, an investment launched by Alibaba founder, also agreed to invest $700 million to NetEase Cloud Music’s latest funding round.

NetEase

NetEase is China leading internet technology-company. It aims to provide premium online services, range from content, community, communication, and also commerce.

It develops and operates some of the most popular mobile games and PC-clients in China. Besides, the company services have also expanded rapidly into another international market, like Japan and North America.

Meanwhile, Koala is Netease’s marketplace. It has become one of China’s market giants besides Alibaba, JD, Xiomi, and Tencent. It sells various products. Most of the products are from China, South Korea, and also Japan.

Read also: Alibaba’s New Marketing Platform for Chinese Farmers

Earlier this year, the platform planned to open brick and mortar stores. The moves came as a bid to keep up with the new retail boom.

The plans accompanied by interactive screens feature. Later, it allows customers to browse products and view popular items.

With the new acquisition, Alibaba remains confident about the future of China’s import e-commerce market.

Tags: AcquisitionalibababusinessE-commerceKoala
Lisa Ramadhani

Lisa Ramadhani

Reading and travelling bring us the opportunities to understand the complexity of this world.

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