Chinese Internet giant Alibaba is to pay 28.3 billion yuan ($4.6 billion) for a near-20 percent stake in consumer electronics retailer Suning, the two companies said in a statement yesterday. At the same time the Chinese shopping chain will invest up to 14 billion yuan for just over one percent of Alibaba, the statement said, bringing the total value of the deal to nearly $7 billion. It will make Alibaba the second-largest shareholder in Suning. Suning is one of China's biggest consumer electronics retailers, while Alibaba's Tmall.com site is believed to command more than half the Chinese market for business-to-consumer transactions. Its Taobao platform holds more than 90 percent of the country's consumer-to-consumer market. Alibaba made its name by enabling transactions online, challenging traditional bricks-and-mortar retailers.
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