From Nasdaq:

Alibaba’s Taobao China Software to sell 20% stake in Suning.com for 2.8 billion yuan to Hangzhou Haoyue Enterprise Management, a subsidiary of Alibaba. The sale represents a 90% loss compared to the $4.6 billion Alibaba paid for the stake in 2015. Alibaba is undergoing its largest restructuring in history, focusing on selling traditional physical retail businesses. ($1 = 7.1979 Chinese yuan renminbi). No immediate response from Alibaba on the reasons for the sale.



Read more: Taobao China Software to sell Suning.com stake to Alibaba affiliate