Netease Is Reportedly Preparing to Sell its E-commerce Unit Kaola to Alibaba

August 13, 2019 0:05 pm

Beijing (PingWest)- Netease is preparing to sells its e-commerce unit Kaola to Chinese e-commerce giant Alibaba for USD2 billion, said the sources closed to matter cited by investment website and online community Snowball.

Netease declined to comment when contacted by PingWest.

The move came after Netease reported a 15% year-on-year increase in its Q2 revenue, which was buoyed by strong growth in its core business lines of online games. According to Netease's Q2 financial report, about 28% of its revenue came from its e-commerce business.