China: Alibaba to sell stake in Meituan, focus on Koubei for local services

China: Alibaba to sell stake in Meituan, focus on Koubei for local services

A logo of Alibaba Group is pictured at its headquarters in Hangzhou, Zhejiang province, China, October 14, 2015. REUTERS/Stringer CHINA OUT

Alibaba Group Holding Ltd  said on Thursday that the group will sell the firm’s stake in Meituan, a company that delivers food and offers deals from local businesses, to focus on its own rival Koubei venture.

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