(Yicai Global) Aug. 15 -- Alibaba Group Holding and NetEase Kaola are both staying tight-lipped over Alibaba's rumored takeover of the Chinese e-commerce platform in a deal that could be worth as much as USD2 billion and would corner more than half of China's cross-border online market.

News reports have brought more details to light, though the pair neither denied nor confirmed any deal. Spokespersons at each company told tech media 36Kr, Sina Finance and other media that they do not comment on speculation.

Talks have basically concluded between Alibaba and NetEase Kaola, Chinese WeMedia Latepost8 reported on Aug. 13. Alibaba will acquire it for several billion dollars and Kaola will integrate specific businesses and cooperate with Alibaba's Tmall Global cross-border online retail emporium after the deal closes. The deal could cost up to USD2 billion, Sina Finance reported on the same day.

China's online cross-border import and retail market was worth CNY115 billion (USD17 billion) in the fourth quarter of 2018, up 36 percent from the one before, data from research firm Analysys show.Tmall Global held to first place with a nearly 32 percent market share, followed by Kaola at 25.5 percent. Amazon.Com China's Haiwaigou came in fifth with 6 percent.

Kaola tried to touch Alibaba and Pinduoduo for funding, the 21st Century Business Herald reported on Aug. 13, citing an anonymous investor. But Pinduoduo later denied any intention to buy into Kaola.

Kaola reportedly offered to acquire Haiwaigou trans-national sales division last year, but their negotiations broke down when the two failed to agree on a price. Kaola and Amazon are said to have swapped stock in February.

Formed in early 2015, NetEase Kaola mainly plies cross-border e-commerce, but broke into the integrated online shopping market in June last year, selling both imported and domestic goods.

Editor: Ben Armour