Midea, Alibaba team up to tap retail opportunities

Midea Group, one of the world's leading household appliance manufacturers, has teamed up with tech titan Alibaba Group Holding Ltd to launch business in the emerging new retail sector, according to sources with both companies.

Xiaomaigui, a high-tech retail store concept using so-called mini unmanned counters, backed by Midea and Alibaba, was launched in Hefei, the capital of Anhui province, on Tuesday.

Midea Group and the managing team holds 85 percent and 15 percent of the project respectively, and the team is considering attracting venture capital for the project after the first round of investment totaled 50 million yuan ($7.6 million).