On December 17th, Alibaba announced that the company and another minority shareholder agreed to sell 100% equity of Intime to a consortium of buyers consisting of members of the Yagor Group and Intime management team.
The announcement states that Intime is one of China's leading department store companies, and Alibaba currently holds approximately 99% of Intime's equity. Alibaba's total proceeds from the sale of Intime amounted to approximately RMB 7.4 billion (USD 1 billion), and it is expected to record a loss of approximately RMB 9.3 billion (USD 1.3 billion) due to the sale of Intime. At the same time, the completion of the sale of Intime must pass the review of concentration of Chinese operators and other customary delivery conditions.
On December 17th, Yagor (SH600177) quickly rose and briefly hit the daily limit up during trading. As of midday closing, it was reported at 9.31 yuan/share, up 2.87%, with a market value of 43.04 billion yuan.
As of midday closing, Alibaba fell 1.48% to HKD 83.100 per share, with a total market value of HKD 1.59 trillion.