Alibaba has stumped up $2 billion for Chinese cross-border shopping platform Kaola.

It has bought the company from NetEase and will integrate it into its Tmall platform. Alibaba and Yunfeng, the investment firm launched by Alibaba founder Jack Ma, will also invest $700 million into NetEase Cloud Music’s latest funding round. This will give it a minority stake in the streaming music service, with NetEase remaining the controlling shareholder.

Kaola will continue to operate independently under its current brand, with Tmall Import and Export General Manager Alvin Liu serving as its new CEO.

Tmall Global and Kaola are China’s largest and second largest cross-border e-commerce platforms, respectively, holding 31.7% and 24.5% of the market. Daniel Zhang, Alibaba Group’s CEO, comments: “We are confident about the future of China’s import e-commerce market, which we believe remains in its infancy with great growth potential.”

“With Kaola, we will further elevate import service and experience for Chinese consumers through synergies across the Alibaba ecosystem.”

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