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Alibaba ‘close to deal’ for Suning stake

Inter Milan and Suning International president Steven Zhang at Serie A match on January 26, 2020 (Photo by Claudio Villa - Inter/Inter via Getty Images)

Chinese internet giant Alibaba and the regional government of Jiangsu province are close to a deal for a stake in embattled Chinese retailer and sports investor Suning, according to Bloomberg.

The deal would remove control of Suning from billionaire founder Zhang Jindong, it is claimed. Suning's retail business has run into financial difficulties during the Covid-19 pandemic. Its sports investments are also ailing, particularly streaming platform PP Sports.

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