NEW YORK ¨C Google will invest $550 million in Chinese e-commerce powerhouse , part of the U.S. internet giant¡¯s efforts to expand its presence in fast-growing Asian markets and battle rivals including Amazon.com.
The two companies described the investment announced on Monday as one piece of a broader partnership that will include the promotion of products on Google¡¯s shopping service. This could help expand beyond its base in China and Southeast Asia and establish a meaningful presence in U.S. and European markets.
¡®s U.S.-listed shares rose 1.2 percent to $44.10 on the Nasdaq on Monday.
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