Alibaba acquires Damai platform

E-commerce giant Alibaba Group Holding Ltd announced on Tuesday it now fully owns online ticketing platform Damai.cn.

Alibaba became a significant shareholder of Damai in 2014, after picking up a 32.44 percent stake.

Full ownership now forms a strategic part of the value chain in Alibaba's media and entertainment business, and reinforces commitment to its big entertainment strategy.