Jiangsu Government backed consortium comprising of TCL Technology Group Corporation (SZSE:000100), Xiaomi Corporation (SEHK:1810), Midea Group Co., Ltd. (SZSE:000333), Haier Smart Home Co., Ltd. (SHSE:600690), and Alimama agreed to acquired 17% stake in Suning.com Co., Ltd. (SZSE:002024) from Suning Electrical Appliance Group Corporation, Suning Holdings Group Co., Ltd. and Zhang Jindong for CNY 8.7 billion on July 5, 2021. Alibaba shall acquire an additional stake in Suning through Alimama, in the transaction. The sellers shall sell 1.58 billion shares of Suning.com. The buyers shall acquire the stake for CNY 5.59 per share. After the deal, Suning’s chair, Zhang Jindong, and Suning Holdings Group will hold a 20.35% in Suning.com, while Alibaba’s Taobao will remain the retailer’s second-largest shareholder with a 19.99%stake.