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China tech

Alibaba cements e-commerce dominance with $2bn Kaola acquisition

Deal gives company control over majority of China's online cross-border trade

Customers are seen at the check-out counter of a physical store of Netease's e-commerce platform Kaola in China's Henan Province.   © Reuters

HONG KONG -- China's Alibaba Group Holding has acquired cross-border e-tailer Kaola for roughly $2 billion as the country's No. 1 online retailer continues to solidify its top position against growing competition.

"Alibaba is confident about the future of China's import e-commerce market, which we believe remains in its infancy with great growth potential," said Alibaba CEO Daniel Zhang in a statement on Friday.

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