Alibaba to lose US$1.3 billion on Intime sale in retreat from offline retail

Quick Summary:

The deal for the department store chain is valued at 7.4 billion yuan, less than half of what Alibaba sank into it.

Over the past decade, Alibaba gradually raised its stake to 99 per cent.

Alibaba’s Hong Kong-listed shares fell 1.1 per cent on Tuesday, while Youngor’s Shanghai-listed shares rose 3.7 per cent.

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Article Details

Author / Journalist: Ann Cao

Category: Business

Markets: Hong KongChina

Topics: Intime Company Department Alibaba’s Store Giant Founder 2014 Alibaba Group Billion

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-17 @ 17:30:09 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 328 words

Reading Time: 2 minutes read

Sentences: 14 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 24499867

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