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BABA-W Invests in S Korean E-commerce ABLY with ~RMB510M
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South Korean e-commerce platform ABLY said parent company ABLY Group received a KRW100 billion (equivalent to about RMB510 million) equity investment from BABA-W (09988.HK) (BABA.US). Through the investment, Alibaba will reportedly seize a 5% stake in ABLY Group. ABLY plans to continue to secure KRW100 billion of investment from Silicon Valley and overseas sovereign wealth funds, starting with the attraction of Alibaba's investment. According to ABLY, the investment will increase its corporate value to KRW3 trillion, placing it on the list of “unicorn” companies. ABLY Group operates ABLY, a women's style e-commerce platform; 4910, a men's fashion mall; and Amood, a Japanese fashion mall. AAStocks Financial News |
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