The South Korea New World Group will establish a joint venture with Alibaba International.
South Korean retail giant Shanghai New World Group collaborates with e-commerce giant Alibaba to establish a joint venture. Both parties will jointly operate Gmarket, a subsidiary of Shanghai New World, and Alibaba's Global AliExpress Korea site, aiming to enhance competitiveness in the South Korean e-commerce market. This move is seen as a strategic initiative by Shanghai New World Group to respond to intensified domestic competition, and it also represents another attempt by Alibaba to expand its Global e-commerce Business.
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U.S. stocks movement | Alibaba rose over 1.3% amid rumors that Alibaba's South Korea business plans to merge with the e-commerce platform E-Mart.
On December 26, 2023, Alibaba (BABA.US) rose more than 1.3%, reaching $86.64. According to informed sources, Chinese E-Commerce giant Alibaba Group plans to merge its Business in South Korea with the E-Commerce platform of South Korean retailer E-Mart Inc. to strengthen competitiveness in the South Korean online retail market. Following this merger, the valuation of the new entity is expected to reach approximately $4 billion. (Gelonghui)
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