Appliance retailer Suning sells US$1.5 billion in Alibaba shares
Chinese appliance retailer Suning has sold US$1.5 billion worth of shares in Alibaba Group Holding, cutting its stake to 0.51 per cent.
Suning is expected to make a net profit of about RMB5.6 billion (US$872.3 million) from the sale, it said in a filing with the Shenzhen Stock Exchange. Suning did not specify how many Alibaba shares it had sold or what price it achieved.
The Nanjing-based company this month said it planned to sell up to 7.66 million shares in Alibaba Group, equivalent to a 0.3 per cent stake. The plan was then approved at Suning’s annual shareholders’ meeting.
Gains from the share sale will be used in areas such as product development and business expansion, Reuters reports.