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 " .
Chinese e-commerce giant Alibaba Group has fully acquired online ticketing major Damai.cn, after purchasing the outstanding 70% of the company it did not already own for an undisclosed sum. Hangzhou-based Alibaba first invested in Damai three years ago, and in a statement, the company said the acquisition offered a "powerful platform to distribute our media content as well as expand our user search and engagement".