Suning Commerce Group (002024.SHE), China’s largest appliance maker, is set to invest US$250 million in video website PPTV, The Wall Street Journal reported. The electronics retailer will team up with private-equity firm Hony Capital to complete the US$420 million investment. Suning, who has recently been expanding into online commerce and other sectors like banking, will take a 44% share in PPTV, making it the video website’s largest shareholder. The deal comes as Suning’s traditional business has been suffering and consumers are increasingly purchasing electronic goods online.
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