HONG KONG, March 31 Intime Retail (Group) Co Ltd
said Alibaba Group Holding Ltd would invest HK$5.37
billion ($692.25 million) in the Chinese department store
operator and form a joint venture to develop online-to-offline
Intime will issue 220.54 million shares at HK$7.5335 each
and HK$3.71 billion worth of convertible bonds to a unit of
Alibaba, the Hong Kong-listed company said in a filing to the
stock exchange on Monday.
The pair will form a joint venture to develop shopping
malls, department stores and supermarkets related to
online-to-offline business in China, Intime said.
($1 = 7.7573 Hong Kong Dollars)
(Reporting by Donny Kwok; Editing by Christopher Cushing)