Alibaba, a provider of online and mobile commerce businesses, agreed to invest $1.4bn in Suning, a non-government retailer. Other investors include Haier Group, Midea Group, TCL Technology and Xiaomi. Under the deal, Zhang Jindong's stake would fall to 17.62% while his Suning Appliance company would retain a 2.73% interest. "The diversified investor portfolio helps push Suning to further improve the governance, operations and business transformation. The consortium will actively support Suning to grow healthily and stably," Suning.