On December 17th, Alibaba announced on the Hong Kong Stock Exchange that the company and another minority shareholder have agreed to sell 100% of the equity of Intime to a consortium of buyers composed of members of the Yagor Group and Intime management team. Yintai is one of the leading department stores in China. Alibaba currently holds approximately 99% of the equity of Intime. The total proceeds from Alibaba's sale of Intime amounted to approximately RMB 7.4 billion (USD 1 billion). Alibaba expects to record a loss of approximately RMB 9.3 billion (USD 1.3 billion) due to the sale of Intime. The completion of the sale of Intime requires the review of concentration of Chinese operators and other customary delivery conditions.