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Alibaba to invest USD4.6b in China electronics retailer Suning

Alibaba Group Holding Ltd said on Monday it will invest CNY28.3 billion (USD4.49b) in Suning Commerce Group Co Ltd, clinching a cross-investment deal that allies China’s leading e-commerce player with one of the country’s largest brick-and-mortar retail chains.

The deal will make Alibaba Suning’s second-largest shareholder with a 19.99 percent stake, while Suning would invest CNY14 billion to acquire a 1.1 percent stake in Alibaba.

The two companies said in a joint statement that the partnership would combine their strengths in offline and online commerce.