China's Suning, Hony Capital to invest $420 mln in PPTV

BEIJING/HONG KONG Mon Oct 28, 2013 5:13am EDT

BEIJING/HONG KONG Oct 28 (Reuters) - China's Suning Commerce Group and Hony Capital, an affiliate of Lenovo Group, will invest $420 million in PPTV, a Chinese online TV services provider, Suning said on its official weibo account on Monday.

It said the investment was "strategic", but did not elaborate.

Home appliance retailer Suning is expanding into areas such as e-commerce and Internet services. (Reporting by Donny Kwok in Hong Kong and Paul Carsten in Beijing)