Announcement
Alibaba, in conjunction with a minority investor, has formalized an agreement to divest all its shares in Intime to a group comprising staff and Youngor Group, valuing the deal at RMB7.4 billion.
Transaction Details
The prominent Chinese technology company anticipates incurring losses amounting to RMB9.3 billion due to this transaction. Completion of the deal is still pending approval from PRC merger authorities and fulfillment of conventional closing prerequisites.
Strategic Reasoning
This sale aligns with Alibaba’s broader strategy to streamline operations and concentrate on its pivotal areas of business development.