Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Live is Caixin Global's real-time news portal, featuring 24-hour breaking news, short-form analysis, and roundups from business and social media in China.

TRENDING
Chinese DNA Sequencing Firm BGI Faces Legal Battle with Illumina
Chinese Chipmaker SMIC to Delist From NYSE, Focus on Hong Kong
Just Add Water, Physics-Defying Car Company Claims
LATEST
China Doesn’t Engage in ‘State Monopoly Capitalism’: Banking Chief
Huawei Seeks $1 Billion in First Big Funding Test After U.S. Ban
Chinese Chipmaker SMIC to Delist From NYSE, Focus on Hong Kong
Just Add Water, Physics-Defying Car Company Claims
Hong Kong Banking Tycoon Passes Baton to Two Sons
Fears Grow as Fall Armyworm Continues Invasion of Chinese Farms
Rural Policy Bank Sells Bond to Retail Investors in Hong Kong
Baidu Continues Shaking Up Its Management Board
Xiaomi Fires Vice President for ‘Obscene’ Behavior
Update: Chinese EV Startup Digs Into Real Estate
Chinese DNA Sequencing Firm BGI Faces Legal Battle with Illumina
U.S. Companies and Consumers Pay for China Tariff Costs, IMF Says
Weibo Shares Slump After Q1 Revenue Growth Slows
Anxin Trust Questioned for Plunging Profits and Accounting Errors
Meituan Sees Strong Revenue Growth, Despite Drag From Mobike
DHL, Panasonic Deny Severing Huawei Ties
China Renewables Industry Comes of Age With Ambitious Subsidy-Free Projects
China Readies 600 Kph Maglev Prototype
Mercedes-Benz Makes it Easier to Trade in Defective New Cars in Wake of PR Nightmare
Shanghai Man Sentenced to Death for Child Murder
Alibaba Expands in Home Furnishings With Macalline Investment

By Hou Qijiang and Han Wei / May 16, 2019 03:03 AM / Business & Tech

Photo: VCG

Photo: VCG

E-commerce giant Alibaba Group Holding Ltd. invested 4.4 billion yuan ($640 million) in Red Star Macalline Group, China’s largest furniture retail chain, in its latest move into the home improvement sector.

Alibaba subscribed 4.4 billion yuan of convertible bonds issued by Macalline’s controlling shareholder, the furniture chain said Wednesday in a statement.

If fully converted, Alibaba will hold 10% of Macalline’s Shanghai-listed shares. In addition, Alibaba acquired 3.7% of Macalline’s Hong Kong-traded shares, according to Macalline. Macalline operates 364 stores in 199 cities, according to the company.

The two companies will partner in home improvement, furnishings shopping malls and other businesses, according to a framework agreement signed by Alibaba and Macalline.

The deal follows a string of Alibaba tie-ups in the lucrative home furnishings sector. Last month, Alibaba announced an undisclosed investment in furnishing services startup Many Craftsmen.

Industry research platform Iyiou estimated the home furnishings industry would be worth about 4.49 trillion yuan this year, up 2.2% from the previous year.


Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.