Alibaba and Mail.Ru and other three Russia Company set up an electricity supplier joint venture.
In the evening of September 11, Beijing time, Sina Technologies News, Alibaba today signed a new strategic cooperation agreement with several Russian companies, will establish a new e-commerce platform, using Russia's own payment system.
The 4th Oriental Economic Forum was held today in Vladivostok, Russia. Ma Yun, chairman of Alibaba Board of Directors, attended the forum. Meanwhile, Alibaba announced a new strategic partnership with the Russian Direct Investment Fund (RDIF), mobile operator MegaFon and Internet group Mail. Ru to establish a joint venture.
The partnership aims to integrate the major consumer Internet and e-commerce platforms in Russia and launch a leading social-business joint venture in Russia. Alibaba said the partnership aims to create a "one-stop" platform for consumers to interact, socialize, shop and play games, all within the same online ecosystem.
"Together, they will inject new capital, strategic assets, management teams, resources and expertise to create unparalleled value propositions for Russian businesses, consumers and Internet users and to promote the rapid growth of Russia's digital economy," the parties said in a statement today.
Under the agreement, Alibaba will contribute AliExpress Global Express Express Express to the joint venture and invest funds and other resources in the joint venture. RDIF will put new money into the joint venture to buy a 13% stake in AliExpress Global Express (Russia).
MegaFon sold Alibaba a 10% stake in Mail. Ru in exchange for a 24% stake in AliExpress Global Express (Russia). Mail. Ru is offering a 15% stake in AliExpress Global Express (Russia) by contributing to PANDAO e-commerce, cash and divesting its product portfolio.
Eventually, Alibaba will own 48% of AliExpress Global Express (Russia), while Russian companies will hold 52% of the total. The transaction is expected to be completed in the first quarter of 2019. (Li Ming)
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