Alibaba acquires $4.63bn stake in Chinese electronics store chainAugust 10, 2015 - 17:08 AMT PanARMENIAN.Net - Alibaba is taking a 20 percent stake in Chinese electronics store chain Suning in a move that helps the Chinese e-commerce powerhouse expand in the brick-and-mortar arena, the Associated Press reports. Alibaba said Monday, Aug 10, that it will invest 28.3 billion Chinese yuan ($4.63 billion) to become the largest shareholder in the company. Alibaba said the companies will collaborate on e-commerce, logistics and other businesses. Suning will open a flagship store on Alibaba's Tmall.com platform. Alibaba will also be able to use Suning's logistics network, which covers 90 percent of China's countries, including eight national distribution centers, 57 regional distribution centers, 353 city forwarding centers and 1,700 delivery stations. "Over the past two decades, e-commerce has become an inextricable part of the lives of Chinese consumers, and this new alliance brings forth a new commerce model that fully integrates online and offline," said CEO Jack Ma. Suning operates more than 1,600 chain stores in 600 cities in China, Hong Kong and Japan. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. |