Alibaba to Invest 28 Bln Yuan in Appliance Retailer Suning

(Beijing) – Alibaba Group Holding Ltd. will invest 28 billion yuan to become the second-largest shareholder in appliance retailer Suning Commerce Group Co. Ltd., the two firms said on August 10, continuing a trend that sees e-commerce companies ink deals with traditional retailers.

The deal will see Alibaba get a 19.99 percent stake in Suning, making it the second-largest shareholder after chairman Zhang Jindong, who owns 24.29 percent. Alibaba can name two directors to Suning's nine-member board.