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Alibaba to pay 28b yuan for stake in Suning

Chairman Jack Ma beefing up e-commerce operator's retail presence after 24% fall in its market value this year

Mr Ma (left) and Suning's Mr Zhang at a news conference in Nanjing, Jiangsu province, on Monday to announce the deal.

Hong Kong

ALIBABA Group Holding Ltd will spend 28.3 billion yuan (S$6.3 billion) for a stake in Suning Commerce Group Ltd as China's biggest e-commerce operator adds a network of electronics stores in its biggest deal ever.

Alibaba will buy a 19.99 per cent stake in Suning, which