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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

Published Tue, Aug 11, 2015 · 09:50 PM

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 in turn will spend as much as 14 billion yuan for shares in the e-commerce company, according to a Business Wire statement on Monday.