Alibaba to Sell Intime Stake for $1 Billion

Alibaba Group Holding Ltd. (HK:9988) has released an update.

Alibaba Group is set to sell its 99% stake in Intime, a leading department store operator in China, to a consortium that includes Youngor Group and Intime’s management team. The transaction is expected to generate gross proceeds of approximately RMB7.4 billion (US$1.0 billion) for Alibaba, though it will result in an estimated loss of RMB9.3 billion (US$1.3 billion). This move is subject to regulatory approval and other customary closing conditions.

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