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A receptionist works at Alibaba's headquarters in Hangzhou, capital of East China's Zhejiang province, Jan 30, 2015. [Photo/Xinhua] |
Alibaba will become Suning's second largest share holder after the aquisition.
Suning will acquire no more than 27.8 million newly-released shares from Alibaba, valued at 14 billion yuan, to hold a stake of approximately 1.1 percent of the company. The move will have a major impact on China's e-commerce market.
Suning said the company's trading of shares, which was halted on August 3, will resume on Tuesday.
The announcement was made on Monday afternoon.
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