Alibaba Group Holding (BABA.NYSE) has announced it will sell its US-based online shopping site to New York-based marketplace operator OpenSky as the Chinese e-commerce firm and its financial-services arm Ant Financial Services Group funnel almost US$1 billion into mainland food-delivery booking service Koubei, The Wall Street Journal reported. As Alibaba’s earnings slow and domestic competition intensifies, investors and analysts are focusing on the firm’s efforts to shore up its dominance in the Chinese online shopping market, of which it holds roughly 80%. Koubei will now become the central hub for the company’s online booking services, a spokesperson for Alibaba said.
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