China's Alibaba to take $4.6bn stake in retailer Suning
China's Alibaba
Shanghai - Arab Today
Chinese Internet giant Alibaba is to pay 28.3 billion yuan ($4.6 billion) for a nearly 20 percent 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 percent of Alibaba, the statement said, bringing the total value of the deal to nearly $7 billion.
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