Alibaba Group is investing around $692 million in retail company Intime Retail in order to set up a joint venture to provide linkages between their physical and online retail businesses in China.
Alibaba will be investing $214 million in shares of Intime and acquire $478 million in convertible bonds.
This investment will give Alibaba a 9.9% stake of the enhanced share capital of Intime.
Alibaba will be able to acquire a larger stake by converting its bonds into up to 18% of the share capital after conversion.
Earlier this month, Alibaba invested $215 million to buy a minority stake and a seat in the board for U.S. mobile messaging service Tango.
Alibaba also invested $200 million in app search engines ShopRunner and Quixey. Alibaba bought a stake in Sina Weibo last year and it acquired AutoNavi for $1.1 billion.
Alibaba is expected to go public in the U.S. sometime in the near future.