China's Alibaba Group Holding Ltd. will invest 2 billion yuan in alcohol importer and retailer 1919.cn, Reuters reported Oct. 18.

Alibaba will buy over 39.3 million shares in a share subscription, the news outlet reported, citing 1919.cn's statement to National Equities Exchange and Quotations.

National Equities Exchange and Quotations is China's over-the-counter equities exchange.

Alibaba Group did not immediately respond to Reuters' request for comment.

As of Oct. 17, US$1 was equivalent to 6.93 Chinese yuan.