Alibaba Group announces two transactions

Hangzhou, 17th December: Recently, Alibaba Group announced two transactions: The company and another minority shareholder agreed to sell 100% of the equity interest in Intime; and the company announced the disposal of the Alibaba Sale Shares in Sun Art.

Intime is one of the leading department store operators in PRC. Alibaba currently holds about 99% of the equity interest in Intime. It is expected Alibaba will get RMB 7.4 billion (US$1.0 billion), and the company will loss RMB 9.3 billion (US$1.3 billion).

Separately, Alibaba Group held Sun Art Shares through wholly-owned subsidiaries, A-RT Retail and Taobao China. According to press release, the Purchaser and Sun Art in relation to: (1) the entering of the SPA; (2) the possible mandatory unconditional cash offers to be made by the Purchaser for the entire issues share capital of Sun Art; and (3) the possible compulsory acquisition and withdrawal of listing of Sun Art.