Hong Kong’s e-commerce market has become too crowded for Alibaba Group Holding , according to analysts, as the Chinese internet retail giant moves to close its local Tmall platform at the end of October. Tmall Hong Kong, which was set up last year as a dedicated shopping channel for merchants and consumers in the city on Taobao Marketplace , will shut down operations on October 31, according to a notice posted on the platform last Friday.

Hong Kong’s online retail market has become too crowded for e-commerce giant Alibaba, which is closing its local Tmall site comes via ChinaTechNews.com.