Alibaba ‘close to deal’ for Suning stake

MILAN, ITALY - JANUARY 26: President FC Internazionale Steven Zhang attends the Serie A match between FC Internazionale and Cagliari Calcio at Stadio Giuseppe Meazza on January 26, 2020 in Milan, Italy. (Photo by Claudio Villa - Inter/Inter via Getty Images)

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.

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