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Alibaba's Koubei seen raising US$1 billion to fund expansion

Alibaba is focusing on its own local services after selling its stake in Meituan Dianping, a company backed by Tencent Holdings Ltd.

Hong Kong

ALIBABA Group Holding Ltd's affiliate Koubei is seeking to raise US$1 billion of funding as it steps up its battle with China's other web giants for neighbourhood services, according to people familiar with the matter.

The company is seeking a valuation of US$8 billion in