Suning, Hony to back PPTV with $420m

Suning Commerce Group Co, the country's largest electronics retailer, and private-equity firm Hony Capital Ltd will invest $420 million in video website PPTV.com, a move that will help transform Suning into an Internet retailer and accelerate the reshuffle of the video website industry.

Suning will invest $250 million, taking 44 percent of PPTV.com and becoming its largest shareholder. The deal is the retailer's largest single investment, and it will be "strategic", said Sun Weimin, vice-chairman of Suning.

He said the combination of Internet retailing and an intelligent video website will facilitate Suning's goal of building up a cloud business model that integrates all distribution channels, product lines and customer bases.