Louis Navellier is rating this stock an “A” – Get In Now!

On May 24, the man who found “the stock of the century” will reveal one of his top stocks for 2022 – for FREE – in a special presentation.

Tue, May 24 at 4:00PM ET
 
 
 
 

Alibaba Group Holding Ltd (BABA) Buys Wandoujia App Store

Alibaba Group Holding Ltd (NYSE:BABA) has bought the Wandoujia app store.

Alibaba, BABA, WandoujiaAlibaba only announced the acquisition in Chinese and it didn’t reveal financial details of the deal. However, media report from the country claim that the company paid roughly $200 million for Wandoujia, which is much less than its 2014 value of $1 billion.

BABA’s acquisition of Wandoujia fits well with its portfolio of digital offerings. The app store is currently the fifth largest in China. The country has several independent app stores due to Alphabet Inc’s (NASDAQ:GOOG,NASDAQ:GOOGL) Google Play Store being banned there, reports Tech Crunch.

“It is still too early to say whether this deal can reshape the landscape of China’s app distribution market,” Zhu Daling, an Analysys International analyst, told China Daily. “But it seems Alibaba has made a good deal if it acquires the company at $200 million.”

More From InvestorPlace:

 


Article printed from InvestorPlace Media, https://investorplace.com/2016/07/alibaba-wandoujia-baba/.

©2022 InvestorPlace Media, LLC