Gome Electrical Appliances Holding Ltd. spiked 16 percent as Alibaba Group Holding Ltd.’s stake buy in a rival Chinese retailer gave hope the electronics chain may be viewed as a potential partner by other Internet companies.
E-commerce giant Alibaba said Monday it will spend 28.3 billion yuan ($4.6 billion) to buy a fifth of Suning Commerce Group Ltd. in its biggest deal ever. Beijing-based Gome rose as much as 16 percent to HK$1.61, the highest intraday level since July 3, and was up 3.6 percent as of 11:45 a.m. in Hong Kong. Suning shares jumped by the 10 percent limit in Shenzhen.
