Alibaba Group Sells 100% Stake in Chinese Department Store Intime for 7.4 Billion Yuan

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Alibaba Group Sells 100% Stake in Chinese Department Store Intime for 7.4 Billion Yuan

MT Newswires Live12-17

Alibaba Group Holding (HKG:9988, HKG:89988), along with a minority stakeholder, agreed to sell a 100% stake in Intime for about 7.4 billion yuan to a consortium of buyers including Youngor Group, according to a Tuesday filing with the Hong Kong bourse.

Alibaba, which owns 99% of the Chinese department store operator, expects to book losses of about 9.3 billion yuan from the sale.

The sale will need regulatory approvals in China.

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