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China Daily | Updated: 2018-04-16 07:38

Alibaba takeover to bring new team to

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Alibaba Group Holding Ltd's April 2 announcement that it has increased its stake in app-based food delivery service to 100 percent is expected to lead to a new management team at the latter. Alibaba and its affiliate Ant Small and Micro Financial Services Group owned about 43 percent of prior to the stake increase, a deal valued at $9.5 billion. Once the transaction receives regulatory approvals, founder and CEO Zhang Xuhao (pictured) will chair the company board and also serve as special advisor to Alibaba's CEO Zhang Yong on New Retail strategies. Wang Lei, the current vice-president of Alibaba, will be appointed the new CEO of Zhang said he is confident Wang's experience in management and sales will continue to prove useful.

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