Alibaba Group Holding Ltd. and E-Mart Inc. have partnered to create a 50-50 joint venture between AliExpress International and Gmarket in South Korea's competitive e-commerce market. The JV will own 100% of Gmarket, with both Gmarket and AliExpress Korea operating independently. Sources estimate the JV's valuation at around $4 billion. E-Mart shares rose in Seoul, while Alibaba's ADRs climbed in New York. The deal strengthens Alibaba's international presence, aligning with its strategy to counter slowing growth in China and challenges from rivals like PDD Holdings Inc. and ByteDance Ltd.