Alibaba, Ant Financial form JV to invest in China’s O2O service
Alibaba Group and its financial affiliate Ant Financial plan to invest nearly $1 billion in a joint venture that will tap into China’s local online-to-offline (O2O) services market, initially focusing on the food and beverage segment.
The JV, called Koubei, will receive contributions of RMB3 billion ($483 million) from each of the companies and they will hold 50% apiece of the business. Samuel Fan from Ant Financial's payments unit...
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