Alibaba buys mil­lions of shares of US’s Groupon

China Daily (Canada) - - NEWS CAPSULE -

E- com­merce con­glom­er­ate Alibaba Group Hold­ing Ltd pushed fur­ther in over­seas ex­pan­sion by buy­ing a large stake in a United Stateshead­quar­tered daily deals site Groupon.

Alibaba re­cently bought nearly 33 mil­lion shares of the Nas­daqlisted Groupon Inc. The pur­chase is about 5.6 per­cent of Groupon shares out­stand­ing, enough to make Alibaba the fourth-largest share­holder, ac­cord­ing to Fac­tSet data. Alibaba didn’t dis­close the amount of its in­vest­ment in Groupon.

Groupon’s stock surged about 40 per­cent in trad­ing on Tues­day, which came af­ter Alibaba dis­closed its in­vest­ment in a SEC reg­u­la­tory fil­ing on Feb 12.

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