Suning Sports Series A Funding Round Raises $600M

Suning Sports, the sports unit of Chinese retailer Suning Holdings Group, announced it completed a series A funding round led by Alibaba Group Holdings and Goldman Sachs, according to Yimian Wu of CHINA MONEY NETWORK. Other investors in the round included Chinese property developer Evergrande Group, Yunfeng Capital, Chinese AI company Sensetime, Sports Industrial Fund of Zhejiang Province and Jiangsu Province and overseas subsidiaries of Chinese banks CCB Int'l, Minsheng Bank Int'l and ABC Int'l. The round was reportedly worth $600M, valuing Suning Sports at over 10B yuan ($1.5B). Suning Sports declined to comment on the financial amount. Alibaba acted as a strategic investor in the round, "deepening its partnership with Suning" (CHINA MONEY NETWORK, 7/19).