E-commerce giant Alibaba is set to make its first large investment since the company’s record antitrust fine, reported Bloomberg.
Alibaba and the Jiangsu provincial government are closing in on a deal to purchase a stake in Chinese billionaire Zhang Jindong’s Suning conglomerate. The deal would be an addition to the 20% stake that Alibaba currently owns in Suning, a retail giant in China for appliances, electronics, and consumer goods.
The investment could signal a return of the e-commerce giant since its $2.8 billion fine for monopolistic practices in April. The fine was the company’s first loss in 9 years.