15:49 - 26.12.2024

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December 26, Fineko/abc.az. Alibaba Group Holding has reached an agreement to combine its assets in South Korea with online trading platform Gmarket, owned by the largest local retailer E-Mart Inc.

E-Mart informs that AliExpress International and Gmarket will create a joint venture with equal equity participation, which will own 100% of Gmarket shares.

The cost of the joint venture will be about $4 billion.

Shares of E-Mart jumped 5.5% at auction in Seoul on Thursday, with company's capitalization estimated at about $1.4 billion. The price of Alibaba securities in Hong Kong has increased by 11% since the beginning of the year, and the online giant's market value exceeds $200 billion.