Published: 7:41pm, 21 Mar, 2017 Updated: 2:55pm, 20 Jul, 2018
Chinese e - commerce giant Alibaba holdings has fully acquired online retailer major Damai.cn , after purchasing the outstanding 70 % of the company it did not already own for an undisclosed sum . Hangzhou - based holdings first invested in Damai three years ago , and in a statement , the company said the company offered a " powerful platform to distribute our media content as well as enhance our user search and engagement " .