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The internet finance (or online financial) industry in China has boomed in recent years. Amongst the players, Internet attackers are quoted as key facilitators, fostering innovation and possessing a uniquely competitive landscape. To explore the methods through which such companies penetrate and benefit from the online financial sector, this study analyzes the evolutionary path of Alibaba’s ecosystem during 2013 and 2015, discovering how Alibaba positions and shapes interactions within the ecosystem. Based on our findings, Alibaba first expanded to the investment and financial management sectors with regard to the entry strategy. Second, owing to its lack of experience in the financial landscape, Alibaba applied the evolutionary strategy and placed a higher focus on cooperating with Internet-based companies. Finally, to ensure sustainable and mutually beneficial relationships amongst most ecosystem players, Ant Financial became a keystone player, enabling Alibaba to serve as the physical dominator.