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Alibaba Acquires Kaola for $2 Billion from Entertainment Giant NetEase, Creates China’s Largest International E-commerce Platform

September 08, 2019 / crowdfundinsider

Alibaba Acquires Kaola for $2 Billion from Entertainment Giant NetEase, Creates China’s Largest International E-commerce Platform Chinese multinational conglomerate Alibaba Group has acquired Kaola for approximately $2 billion from Hangzhou-based entertainment giant NetEase. The acquisition has created the largest cross-border e-commerce platform in China, according to Alibaba’s management. Commenting on Alibaba Group’s latest acquisition, company chief executive Daniel Zhang said: “With Kaola, we will further elevate import services and the experience for Chinese consumers through synergies across the Alibaba ecosystem.”CEO at NetEase William Ding remarked: “Completion of this strategic transaction will allow NetEase to focus on its growth strategy, investing in markets that allow us to best leverage our competitive advantages.” Meanwhile, the director of China’s e-commerce research center Cao Lei noted: ”This [acquisition] should ...