(MENAFN) Internet E-commerce Alibaba signed an agreement with Weibo worth USD586 million, in order to strategically take advantage of both E-commerce and the latter's large user base, reported Xinhua News.
Alibaba will possess an 18 percent stake in Weibo. However, it could increase it to 30 percent in the future.
Both companies will share user accounts, data, current payment and marketing models.
It is worth noting that Alibaba is one of the largest international trade platforms on the internet, with 79 million registered users worldwide.
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