NetEase and Alibaba jointly announced strategic cooperation and Alibaba Group will invest USD2 billion to fully acquire NetEase's cross-border e-commerce platform Kaola.com.
Meanwhile, Alibaba, as the leading investor, participated in NetEase Cloud Music's latest round financing of USD700 million.
As Internet companies that grew together in Hangzhou, Alibaba and NetEase will implement close cooperation in the future to jointly explore the future of digital economic age.
William Ding, CEO of NetEase, said that they are glad to cooperate with Alibaba, which meets NetEase's strategic choice and good for the long-term development of various parties. NetEase hopes that Kaola.com can continue to provide high-quality cross-border e-commerce services to users within the ecosystem of Alibaba. NetEase will continue to focus its resources in advantageous sectors to create value for users via innovation.
Zhang Yong, CEO of Alibaba Group, said that they are very confident in China's import consumer market and they are thankful that NetEase nurtured such an excellent cross-border e-commerce platform. They welcome the joining of Kaola.com into the Alibaba family.
After the acquisition, Kaola.com will maintain independent operation. Liu Peng, general manager of Tmall's import and export business group, will be CEO of Kaola.com.
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