Alibaba to Invest over HK$ 2.8 Billion in Haier Subsidiaries

(Beijing) – E-commerce giant Alibaba Group has announced a deal with appliance manufacturer Haier Group in an aim to strengthen its logistics capacity.

On December 9, the companies announced a deal in which Alibaba will invest a total of HK$ 2.82 billion in Haier subsidiaries. Under the agreement, Alibaba will pay HK$ 541 million for a 9.9 percent stake of Qingdao Haier Logistics Co.