Alibaba acquires 20% stake in Hony-backed Suning
Alibaba Group has agreed to invest RMB28.3 billion ($4.63 billion) in Suning Commerce, a leading Chinese consumer electronics retail chain backed by Hony Capital, in exchange for a 19.99% stake.
The deal allows Alibaba to become the second-largest shareholder in Suning. In return, Suning will invest RMB14 billion by subscribing to 27.8 million newly-issued Alibaba shares, translating into a 1.1%...
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