(Yicai Global) July 22 -- Red Star Macalline Holding Group, one of China's biggest furniture retailers, plans to appoint two vice presidents from e-commerce titan Alibaba Group Holding as non-executive directors.

The two executives are Jing Jie and Xu Hong, Shanghai-based Macalline said in a statement today.

Their appointments follow Alibaba's purchase of CNY4.4 billion (USD639 million) of Macalline's convertible bonds in May, then equal to about 10 percent of the furniture retailer's market value. Alibaba also bought a 3.7 percent stake in Macalline's Hong Kong-traded stock.

Jing, 45, joined Alibaba in June 2015 and became president of its e-commerce platform Tmall in December 2017. He is a group vice president and assistant to Chief Executive Zhang Yong. Jing previously worked in senior management at consumer goods firm Procter & Gamble China and state-owned China National Cereals, Oils and Foodstuffs, according to the statement.

Xu, 46, joined Alibaba last July, and serves as vice president and special assistant to the CEO. He was formerly a partner at accounting firm PricewaterhouseCoopers China. He is also a board member of many listed companies, including Alibaba Health and Chinese retailer Suning.Com.

Macalline owned 81 self-operated malls, 230 agent-operated stores and 24 special franchises in 199 cities nationwide as of the end of the first quarter. Its operating revenue for 2018 grew 30 percent to CNY14.2 billion. Net profit rose 11.3 percent to CNY2.6 billion.

The company's Shanghai-listed shares [SHA:601828] fell just over 1 percent today to close at CNY11.26 (USD1.34) each amid a wider market downturn. Its Hong Kong-traded stock lost 1.75 percent to HKD6.74 (86 US cents).