Alibaba acquired a 20% stake in Suning Commerce, one of the largest consumer electronics retail chains in China, for $4.6bn. Jack Ma, Executive Chairman of Alibaba Group, said, “Over the past two decades, e-commerce has become an inextricable part of the lives of Chinese consumers, and this new alliance brings forth a new commerce model that fully integrates online and offline.” Ma added, “This alliance will benefit consumers and merchants by cultivating an open and transparent integrated ecosystem that will be the backbone of the future economy.”