(Yicai Global) Jan. 22 -- Shares of Shenzhen Aisidi surged to a five-and-a-half-year high today after the licensed Apple retailer said it would buy a 49 percent stake in a consumer electronics platform set up by a unit of Alibaba Group Holding and that it was turning down a CNY407 million (USD62.8 million) investment from the e-commerce giant.

Aisidi's stock closed up 0.29 percent at CNY13.92 (USD2.15). Earlier in the day it hit CNY15.27, its highest point since July 2015.

Shenzhen-based Aisidi will pay CNY49 million (USD7.6 million) for a 49 percent share in Shenzhen Aiyoupin E-Commerce, a firm established by Alibaba China Network Technology earlier this month, Aisidi said today. Aiyoupin will become a platform through which the two parties can sell computers, communications and consumer electronic products.

Aisidi has also decided to reject a CNY407 million (USD62.8 million) investment from Alibaba China Network that it agreed to in April last year, the phone seller said. “This is a prudent decision made in light of changes in the capital market environment and after taking into account the company’s future development plans,” it added, without going into further details.

Asidi’s share price has tripled since the deal was reached, and the failure to determine a new price may be one of the key reasons why the private placement scheme has not materialized.

The two parties will use their respective strengths to build up Aiyoupin. Hangzhou-based Alibaba China Network will supply the merchant resources and digital marketing management technologies. It will also provide goods distribution through brick-and-mortar branches and apply to Alibaba’s MYbank for credit.

Aisidi will provide digital supply chain services, including logistics management, information technology system support and supply channel resources.

Aisidi is a renowned consumer electronics retail chain in China and its Coodoo brand is one of Apple’s biggest authorized resellers in the country. It also has first-level licenses to sell Apple products for a commission through education and corporate channels.

Editor: Kim Taylor