China's Alibaba to take US$4.6b stake in retailer Suning

Chinese Internet giant Alibaba is to pay 28.3 billion yuan (US$4.6 billion) for a nearly 20 per cent stake in consumer electronics retailer Suning, the two companies said in a statement Monday. 

PHOTO: REUTERS

AUG 10, 20155:03 PM

[SHANGHAI] Chinese Internet giant Alibaba is to pay 28.3 billion yuan (US$4.6 billion) for a nearly 20 per cent stake in consumer electronics retailer Suning, the two companies said in a statement Monday.

At the same time the Chinese shopping chain will invest up to 14 billion yuan for just over one per cent of Alibaba, the statement said, bringing the total value of the deal to nearly US$7 billion.

AFP