China's Suning set to buy stake in FC Barcelona

(ECNS) – Chinese electronics retailer Suning is to enter the soccer pitch - just days after e-commerce giant Alibaba bought a 50 percent stake in Asia's top soccer club.

Suning Commerce Group Co Ltd, one of China's biggest home appliance chain, is going to buy a stake in the world's top soccer club FC Barcelona, according to cnstock.com, a leading business news portal.

Suning's vice president Li Bing disclosed the investment plan on his social media account, calling it a big step for the Chinese soccer industry.

Onlookers have been awaiting the Wednesday press conference at which Suning is set to officially announce the news along with cooperation details.

Amid the news, shares of Suning closed 7.11 percent higher on the Shenzhen Stock Exchange today, after rising as much as 9.53 percent during the day.