Alibaba Group and NetEase have entered into a definitive agreement for Alibaba, together with Yunfeng, to invest approximately US$700 million in NetEase Cloud Music in its latest round of financing.
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The completion of this transaction is subject to certain closing conditions. NetEase will remain the controlling shareholder of NetEase Cloud Music following the closing of this transaction.
“As the controlling shareholder of NetEase Cloud Music, we will continue to fully support the growth of this business, helping it to realize its strategic goals in the music industry,” said William Ding, the CEO of NetEase.
“Alibaba is confident about the future of China’s import e-commerce market, which we
believe remains in its infancy with great growth potential. We value NetEase’s contributions in incubating an e-commerce platform with strong import capabilities,” said Daniel Zhang, Chief Executive Officer of Alibaba Group.
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“We look forward to becoming a partner in the future development of NetEase Cloud Music and exploring innovative collaboration in the digital entertainment space,”
added Daniel.