Alibaba Group announced today that it reached a strategic cooperation agreement with household electrical appliance maker Haier Group. Alibaba will invest HK$2.82 billion ($363.90 million) in Haier Electronics, a listed subsidiary of Haier Group, to develop a complete set of logistics and installation service system for home appliances and bulky commodities (report in Chinese).

Under the deal, the two parties will set up a joint venture Ririsun Logistics to run the business. In addition to delivery and installation services, Ririsun also focused on the research and development of supply chain management solution plans and products.

Of the total funding, Alibaba will invest HK$1.86 billion in Ririshun for around 34% stake in the company. The rest of the capital will be used to buy the newly issued shares in Haier Electronics for a 2% stake in the company.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.