Alibaba Nets $1 Billion Via Momo Share Sale In Ultra-Lucrative Exit

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Chinese e-commerce giant Alibaba Group has netted at least US$1 billion in proceeds by selling most of its shares of location-based social networking mobile app firm Momo Inc. The divestment locks in a net gain of at least 50-times the e-commerce company’s initial investment.

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Nina Xiang is the co-founder and managing editor overseeing editorial content and product development at CMN. Before founding CMN in 2011, Nina worked at BusinessWeek magazine in Beijing and Institutional Investor magazine in New York, writing about business and financial services. While in New York, she also served as part-time correspondent for Shanghai's financial television channel, China Business Network, as well as China Radio International, China's national English-language radio network.