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
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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.
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