Alibaba, Ant Financial Invest RMB 6 Bln to Establish Local Life Services Company Koubei

DoNews, 6/23/15

Ant Financial, the financial services affiliate of Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA), and Alibaba have jointly announced that they will each invest RMB 3 bln to set up a local life services subsidiary called Koubei.

Koubei will reportedly integrate Alibaba's food ordering platform Tao Diandian and Ant Financial's offline resources and team, with each company holding a 50% stake. The mobile apps for C2C e-commerce platform Taobao, operated by Alibaba, and third-party payment processor Alipay Wallet, operated by Ant Financial, will link directly to Koubei.

Koubei will begin with food services before expanding into supermarkets, mobile healthcare, and other industries.

Keywords: Internet Alipay Koubei Alibaba Group local life financial services Alipay Wallet Tao Diandian BABA food O2O Ant Financial Group

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