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Alibaba to acquire Chinese e-commerce company Kaola

Alibaba has announced that it is going to acquire a cross-border e-commerce business unit, Kaola for $2 billion. Kaola is one of the biggest Chinese e-commerce sites that sell clothes, consumer goods, and sports accessories. Kaola will operate independently, under a new leader. Earlier with Tmall Global and now with Kaola, Alibaba is expanding its market presence in China, one of the largest e-commerce markets globally.