TECH - Alibaba To Sell Suning Stake at Huge Loss: Strategic Shift or Financial Misstep? | Benzinga
Alibaba Group Holding Limited’s (NYSE:BABA) Taobao China Software looks to divest its 20% share in Suning.com, a prominent Chinese retailer, to another Alibaba affiliate, Hangzhou Haoyue Enterprise Management, for 2.8 billion yuan ($389 million).
This sale marks a significant loss for Alibaba, as the stake’s valuation drastically falls from the $4.6 billion paid in 2015, translating to an approximate 90% reduction in value, Reuters reports.
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