Alibaba Buys Discounted Shares Of Retailer Zulily, Holds 9.2% Stake

Chinese online-commerce giant Alibaba Group Holding Ltd.'s stake in U.S. Web retailer Zulily Inc. has reached 9.2 percent, as the former snapped up shares of the latter at rock-bottom prices last week. Alibaba finished a three-day buying binge Friday, and it now holds 11.5 million shares of Zulily, a site that hosts so-called flash sales of clothing primarily for women and children, according to a U.S. Securities and Exchange Commission filing posted late Friday.