Strategic move: Alibaba's founder and executive chairman Jack Ma (2nd left) walking towards Suning chairman Zhang Jindong (2nd right) at a conference announcing the two companies' cooperation in Nanjing.
BEIJING: Alibaba Group Holding Ltd will invest US$4.6bil (RM18.26bil) in leading Chinese electronics retailer Suning Commerce Group Co Ltd, its biggest step yet towards integrating online and store-based shopping.
Alibaba is paying 28.3bil yuan (RM17.76bil) for newly issued Suning shares and will ultimately hold a 19.99% stake. Suning will in turn invest 14bil yuan (RM8.78bil) to acquire 1.1% of Alibaba through the purchase of new shares, the two said in a joint statement.
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