Alibaba to fully acquire

Hangzhou, 2nd April: Earlier this week, the leading e-commerce company in China, Alibaba Group, announced the company will acquire the outstanding shares of, a leading online delivery and local services platform in China.


Alibaba and its affiliate Ant Small and Micro Financial Services Group currently own about 43% of the outstanding voting shares of The transaction will value at US$9.5 billion.


After the transaction, will continue to operate in its own brand and Alibaba will support it through its infrastructure, product offerings and technology expertise. Founder of, Zhang Xuhao, will become Chairman of and special advisor to Alibaba’s CEO on new retail strategy. Wang Lei, Vice President of Alibaba Group, will become Chief Executive of