Suning

Suning will sell 1.58 billion shares or 16.96% of the firm to a group of investors, according to a South China Morning Post report.

The acquisition will allow the companies to achieve synergy by collaborating in areas such as logistic operations and capital operation.

Suning.com is backed by investors including ecommerce giant Alibaba Group, which invested US$4.6 billion in the retail group for a 19.99% stake.

T3 Chuxing’s other backers include retail firm Suning and carmakers Chongqing Changan, Dongfeng Motor Group, and China FAW Group.

That’s doubled from two years ago.

Across China, brick-and-mortar stores are being reinvented by tech titans and fledgling startups. Here’s the scene right now as 2018 gets up to speed.

Next week’s Singles Day will see Chinese consumers spend more online than has ever been done before.

Jack Ma and Co. had a busy year.

Xiaomi was the top vendor on Tmall and the top smartphone vendor on JD and Suning. But the company still generated less in overall sales than it did during Singles Day last year.

For this year’s 24-hour sales bonanza, China’s ecommerce leader wants brick-and-mortar stores to join in the action.