Date
24 October 2017

Alibaba Group investing HK$2.82 bln in Haier, report says

Alibaba Group will invest HK$2.82 billion (US$363.69 million) in home appliance maker Haier Electronics Group Co. Ltd. (01169.HK, 600690.CN), news portal Qq.com reported Monday, citing a statement from the Chinese e-commerce giant. About HK$1.86 billion will go towards establishing a new joint venture with Haier’s logistics unit Ririshun, it said. The new logistics venture is expected to provide full support for Alibaba’s e-commerce platform Tmall.com. Meanwhile, Alibaba will get 2 percent stake in Haier through the acquisition of HK$965 million worth of new shares in the listed firm, the report said. 

– Contact HKEJ at [email protected]

MY/JP/RC

 

EJI Weekly Newsletter

Please click here to unsubscribe