Alibaba has joined Chinese local government and corporate backers to bail out the country’s biggest bricks-and-mortar retailer. Shares in Suning rose 10 per cent before hitting a daily limit. But it is too early to declare a turning point.
Investors led by the Nanjing state asset management committee and Jiangsu provincial government will take a 17 per cent stake in Suning in exchange for a $1.4bn investment. Chinese appliance and electronics makers Xiaomi, Midea, Haier and TCL Technology are among the backers.
Theoretically, Suning’s plans to expand delivery services from its retail stores and Alibaba, its second-largest shareholder, should help to boost sales in the future.
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