Alibaba to invest $4.6 bn in Chinese appliance giant

August 10, 2015 12:45 PM

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Alibaba to invest $4.6 bn in Chinese appliance giant

China's largest online retailer Alibana and home-appliance giant Suning have signed a deal according to which the e-commerce leader will invest USD 4.63 billion for a near-20 percent stake, and will work together on online and high-street sales, the two companies said on Monday.

New York-listed Alibaba will invest about 28.3 billion yuan (USD 4.63 billion) in Suning to become its second-largest shareholder, while Suning will buy no less than 27.8 million new shares of Alibaba for 14 billion yuan (USD 2.33 billion), the company said.

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