The battle for the hearts and wallets of Chinese consumers got more intense Monday, with Alibaba Group making a wide-ranging deal that takes aim at JD.com. Alibaba (BABA), China’s No. 1 provider of e-commerce platforms and services, will pay $4.63 billion for 19.99% of Suning Commerce, one of the largest consumer electronics retail chains in China. It has more than 1,600 stores in 289 cities. The move puts Alibaba in direct
A base just recently started to take shape for JD.com (JD), but that pattern could be at risk as news of Alibaba’s (BABA) investment in an e-commerce rival has sent shares plunging in the stock market today . Alibaba is pumping $4.6 billion dollars into Suning Commerce, one of the largest consumer electronics retail chains in China. Among its wide variety of products, Suning sells Apple (AAPL) iPhones and iPads, as does JD. JD shares gapped down
The battle for the hearts and wallets of Chinese consumers got more intense Monday with Alibaba Group (BABA) making a wide-ranging deal that takes aim at JD.com (JD). Alibaba, China’s No. 1 provider of e-commerce platforms and services, will invest $4.63 billion for a 19.99% stake in Suning Commerce Group, one of the largest consumer electronics retail chains in China. It has more than 1,600 stores in 289 cities. The move puts Alibaba in more