Alibaba has bought nearly 33 million shares of online daily deal service Groupon. Groupon Inc's stock jumped more than 16% on Tuesday's premarket trading.
The purchase gives the Chinese e-commerce powerhouse about a 5.6% stake in Groupon. Alibaba disclosed the purchase in a regulatory filing on Friday. The news comes shortly after Groupon reported a fourth-quarter adjusted profit and revenue that beat analysts' expectations.