U.S. Markets closed

NetEase sells Kaola unit to Alibaba for $2 billion

Sept 5 (Reuters) - NetEase Inc said on Thursday it agreed to sell its Chinese e-commerce business Kaola to Alibaba Group Holding Ltd for $2 billion.

Alibaba intends to let Kaola continue to operate independently under its current brand, NetEase said in a statement. (Reporting by Ismail Shakil in Bengaluru; Editing by Peter Cooney)