Alibaba and Haier form logistics JV

Alibaba Group will invest US$364 million (HK$ 2.82 billion) in Chinese appliances producer Haier Electronics Group (1169.HKG) to create a logistics joint venture between the companies, The Wall Street Journal reported. To establish the joint venture, Alibaba said it would invest HK$1.86 billion in Haier Electronics’ Goodaymart unit, by taking a 9.9% stake for HK$541 million and subscribing to convertible bonds. The deal targets at a logistic and service network across China that will deliver household appliances and other large items, the companies said.