Alibaba to put $2 bn in Southeast Asian e-comm firm Lazada
Jack Ma-led Chinese e-commerce giant Alibaba has said it will invest $2 billion in Southeast Asian e-commerce firm Lazada Group. The executive chair of Alibaba's Ant Financial, Lucy Peng, will take over as Lazada's CEO, replacing Max Bittner who will become a senior advisor to Alibaba. Prior to the investment, Alibaba held an 83% stake in the e-commerce firm.