ALIBABA FORAY IN KOREAN E COMMERCE VIA ABLY Corp
China's Alibaba Group Holding Ltd. is likely to make its first investment in a South Korean online shopping platform as it aims to gain a competitive edge in the country, one of the world's largest e-commerce markets and increasingly encroached on by Chinese players such as Temu and Shein.
According to banking sources on Monday, Alibaba is in talks with Ably Corp., the operator of Korea’s No. 1 women's clothing shopping app Ably, to invest 100 billion won ($72.4 million) for around a 5% stake.
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