E-tail giant Alibaba’s information technology subsidiary has acquired a 10 per cent stake in Chinese retailer New Hua Du as it invests further in its bricks-and-mortar operations.
Both parties will invest Rmb100m (US$15.15m) towards the new joint venture, which will see the companies pool resources and invest in and open new innovative stores.
New Hua Du Supercenter operates supermarkets in China’s Fujian province.
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