(Yicai Global) May 31 -- Suning.Com has completed its sale of 7.66 million Alibaba Group Holding shares, gaining USD875 million in the process.
Nanjing-based Suning, one of China's biggest non-government retailers, sold the 0.33-percent stake in the e-commerce giant for USD1.5 billion, it said in a statement yesterday. Shareholders approved the sale earlier this month, leaving Suning with a 0.52-percent share in Alibaba.
The move is Suning's second Alibaba divestment since it bought stock in a 2015 deal. It sold off 5.5 million shares, or 0.22 percent, in December. Alibaba owns almost 20 percent of Suning.
Wholly-owned Suning unit Shiny Lion bought a 1.04-percent stake in Alibaba for USD81.5 a share three years ago. The firm's stock [NYSE:BABA] has more than doubled in value since, closing at USD198 yesterday.
Suning will integrate its resources and boost cooperation with Alibaba in such areas as joint purchasing, operation of the latter's international e-commerce emporium Tmall.com, logistics services and online-to-offline integration, the company said.
Editor: James Boynton