Sullivan & Cromwell represents Suning Commerce Group Limited (China) in connection with Alibaba Group Holding Limited’s (China) investment of approximately RMB28.3 billion (US$4.63 billion) for a 19.99% stake in Suning.
Concurrent with Alibaba’s investment in Suning, Suning will invest up to RMB14 billion (US$2.28 billion) to subscribe for up to 27.8 million newly issued ordinary shares of Alibaba, announced August 10, 2015. The S&C team on the transaction includes:
Kay Ian Ng (Partner, Hong Kong)
Jay Clayton (Partner, New York)
Ching-Yang Lin (Special Counsel, Hong Kong)
Alan Hongye Zhang (Associate, Hong Kong)