Date
12 December 2017

Alibaba to invest HK$5.37 bln in Intime Retail, filing says

Intime Retail (Group) Co. Ltd. (01833.HK) said in a regulatory filing on Monday that Alibaba Group Holding Ltd. would invest HK$5.37 billion ($692.25 million) in the Chinese department store operator and help develop its online-to-offline (O2O) business. Intime will issue 220.54 million shares at HK$7.5335 each and HK$3.71 billion worth of convertible bonds to a unit of Alibaba. The two companies will form a joint venture to develop an O2O business related to shopping malls, department stores and supermarkets in China, by leveraging the expertise, resources and infrastructure of Intime’s retail business network across the country and Alibaba’s e-commerce platform and consumer data analysis capability, the filing said.

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AC/CG

 

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