Alibaba Group Holding Limited: Acquiring Damai.cn and investing $145 million in the gaming industry

Alibaba Group Holding Limited, the China’s biggest wholesaler has now acquired Damai, an online ticketing business.

The group was excited to share the news of its new acquisition. On Tuesday, an announcement came from the firm,”Ali announces its acquisition of Damai, part of our big entertainment strategy. This continues an earnest three-year romance.”

Damai also posted an announcement on becoming part of the “Alibaba family”. Damai is now a new addition to the Alibaba Group Holding Limited with 100% shares acquired by the group.

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The billion dollar Chinese eCommerce business continues to grow with more investments in IT industry. The company has also invested $145 million in the mobile gaming industry. In a recent announcement, Alibaba said that they have partnered with Mail.Ru Group, TFJoy, Efun, and ONEMT. This joint venture would help the group grow in the gaming industry and will establish the Global Strategic Alliance of Game Distribution.

CNBC reported that China could reach $12 billion by 2020 in the gaming industry. The Chinese group is likely to take advantage of this and capture its share before anyone else dives in.

While Alibaba is popular for its eCommerce platforms, the company has also been involved in financial services, logistics, and cloud computing. It’s also anticipated that the group could become the next cloud computing star.

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