Swedish asset management firm Nordea Investment Management AB announced that it has bought a stake in Chinese retail to technology giant Alibaba Group Holding Ltd.
Valued at about $490.2 million, Nordea acquired 2.9 million shares of Alibaba’s stock.
Alibaba Group has booked a market capitalization of $368.75 billion.
For the last quarter, the company generated $12.4 billion in revenue.