Alibaba Is One Step Closer To Taking Over The World

By REUTERS

HONG KONG (Reuters)—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 (O2O) business.

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.

(Reporting by Donny Kwok; Editing by Christopher Cushing)

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