Chinese internet giant Alibaba and the regional government of Jiangsu province are close to a deal for a stake in embattled Chinese retailer and sports investor Suning, according to Bloomberg.
The deal would remove control of Suning from billionaire founder Zhang Jindong, it is claimed. Suning's retail business has run into financial difficulties during the Covid-19 pandemic. Its sports investments are also ailing, particularly streaming platform PP Sports.
You need to have a subscription to access this content