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China’s Haier Electronics hit 14 year high on Alibaba logistics deal

09
Dec
2013

Chinese appliance maker Haier Electronics Group Co Ltd agreed to team with e-commerce giant Alibaba Group to further develop its logistics business, in a move that sent Haier Electronics stock to a 14-year high. Haier Electronics is muscling in on their distributors and expanding into logistics and e-commerce in a bid to win the fierce battle for margins in the worlds biggest home appliance market. The companys largest shareholder is KKR-backed Qingdao Haier Co Ltd, which owns a 47.9 percent stake. The agreement also comes amid a flurry of deals by fast growing Alibaba, which has bought into several companies recently and is preparing what could be a roughly $15 billion IPO.

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