Alibaba announced on the Hong Kong Stock Exchange at noon on December 17th that the company and another minority shareholder have 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 shows that Alibaba currently holds about 99% of the equity of Intime, and the total proceeds from the sale of Intime are approximately RMB 7.4 billion. Alibaba expects to record a loss of approximately RMB 9.3 billion due to the sale of Intime.
Announcement reminder: To complete the sale of Yintai, it is necessary to go through the review of Chinese business concentration and other customary delivery conditions.
Source: Company Announcement