Alibaba Affiliate Taobao China Software Sells Suning.Com Stake

(CTN News) – As of Thursday, Alibaba Group’s Taobao China Software announced that it has sold its 20% stake in Chinese retailer Suning.com to another subsidiary of Alibaba Group. The company announced this on Thursday as part of its earnings report.

According to a Suning.com Alibaba filing, the company agreed on Friday to pay $389 million to acquire Hangzhou Haoyue Enterprise Management. This was after reaching an agreement worth 2.8 billion yuan ($2.8 billion).

Suning’s stake in the Chinese e-commerce giant was valued far lower than the $4.6 billion that the Chinese e-commerce giant paid for it back in 2015, thus representing a nearly 90% loss over the acquisition price that the Chinese e-commerce giant paid for the stake.

There was no immediate response from Alibaba regarding the reasons for why the company made this move, even after the company was asked to comment.

Announcing earlier this month that it is looking to sell some of its traditional physical retail businesses as a part of its largest reorganization in over two decades, the company recently announced that it will be selling some of its traditional physical retail businesses.

One dollar is worth 7.1979 Alibaba Chinese yuan renminbi,

Which means that 1 dollar equals 7.1979 Alibaba Chinese yuan renminbi (which is the same as 7.1979 Chinese renminbi).

It was reported by Ethan Wang and Ella Cao, edited by Brenda Goh, edited by Jason Neely, and edited by Susan Fenton and Jason Neely. Ethan Wang and Ella Cao wrote the story, and Ethan Wang and Ella Cao edited it.

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