China's Alibaba to take US$4.6b stake in retailer Suning
Published Mon, Aug 10, 2015 · 09:03 AM
[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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Brokers’ take: DBS cuts Venture Corp price target after Q1 earnings miss
Garmin’s Q1 results beat on strong demand for fitness, auto products
Foxconn’s musical chairs sound like punk rock
US sets up board to advise on safe, secure use of AI
Regulate AI? How US, EU and China are going about It
Meta’s results are best viewed through rose-tinted AI glasses