Alibaba's 'new retail' plan gets teeth
By Shi Jing in Shanghai | China Daily | Updated: 2017-05-31 07:05
E-commerce giant Alibaba Group Holding Ltd is penetrating deeper into the offline sector to build its "new retail" model.
It spent an estimated but unspecified amount of over HK$630 million ($80.88 million) for an 18 percent stake in Hong Kong-listed Lianhua Supermarket Holdings Co Ltd on Friday.
Post the deal, which was announced by Lianhua, Alibaba is the second-largest shareholder in the former.
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