Hangzhou style? Alibaba’s music arm chases slice of K-pop pie with US$30 million investment in South Korea’s SM Entertainment

E-commerce powerhouse Alibaba Group may be going “Gangnam Style” as it invests KRW35.5 billion (about US$29.5 million) to take a minority stake in SM Entertainment, operator of one of the biggest record labels in South Korea’s booming K-pop industry.