Alibaba Group announced today that it has agreed to sell its entire stake in Intime Retail to a buyer consortium led by Youngor Group and Watch Japanese black stockings female doctor gives oral sex service to patients OnlineIntime’s management team. According to publicly available information, the Chinese tech giant holds around 99% of Intime’s stock. The sale is valued at around RMB 7.4 billion ($1 billion). Alibaba expects to incur a loss of about RMB 9.3 billion ($1.3 billion) as a result of the sale of Intime.
Intime, a major offline retail chain, became an integral part of Alibaba’s strategy for integrating online and offline commerce following a strategic partnership announcement in June 2015. The company later accepted Alibaba’s share swap offer, which increased the Taobao owner’s stake to 27.9%, making it the largest shareholder in Intime by June 2016.
Alibaba’s Chairman, Joe Tsai, had previously stated that the company has completed $1.7 billion in non-core asset sales in the first nine months of its 2024 fiscal year (April 1 to December 31, 2023).Earlierreports had suggested that Alibaba was also selling its stakes in physical retail operations, including RT-Mart and Freshippo. [Alibaba Group]
