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Suning’s e-commerce arm confirms stake sale

Pedestrians walk past a Suning.com Co. store in Shanghai, China, on Wednesday, June 30, 2021. Photographer: Qilai Shen/Bloomberg via Getty Images

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.

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