A consortium of Chinese investors, including Alibaba, electronics firm Xiaomi, home appliance manufacturers Haier, Midea and TCL, and a regional government-owned company, are to acquire a 17-per-cent stake in the online arm of Suning, the Chinese retail giant and sports investor.
The deal was first reported by Bloomberg last week. Yesterday, Chinese news outlet Global Times reported that the deal was confirmed along with an announcement of first half financial results from Suning.com. Those financial results showed net losses of 3.2bn yuan ($495m/€417m) for the online retail business.
You need to have an account to access our content
Find out more about our news, features and services
Already have an account? Sign in here
