Suning Will Use USD940 Million Alibaba Share Sell-Off Proceeds to Support Tech R&D
Liao Shumin
/SOURCE : Yicai
Suning Will Use USD940 Million Alibaba Share Sell-Off Proceeds to Support Tech R&D

(Yicai Global) Dec. 11 -- Chinese e-commerce platform Suning Commerce Group Co. [SHE:002024] has raised USD940 million in proceeds from selling 5.5 million of its shares in Alibaba Group Holdings Ltd. and will use the proceeds to support efforts in technology research and development and logistics. 

The Nanjing-based firm still holds more than 20 million shares in Alibaba [NYSE:BABA], equating to a stake of 0.81 percent, Suning said in a press briefing yesterday.

The group also plans to extend cooperation with Alibaba Group in areas including joint purchasing, Tmall store operations and logistics.

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Keywords: MSCI , Alibaba