Alibaba and Haier Create Logistics Joint Venture
Alibaba Group Holding Ltd. will invest 2.82 billion Hong Kong dollars ($360 million) in Chinese appliances maker Haier Electronics Group Co., as part of a deal between the two companies to form a logistics joint venture.
Alibaba and Haier’s agreement is aimed at creating a logistics and service network across China that will deliver and assemble household appliances and other large items, the companies said in a statement.