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Shares of Alibaba Health soar after asset injection
Online Edition
SHARES of Alibaba Health Information Technology Ltd nearly doubled in Hong Kong in the morning after trading resumed from a suspension since March 23 due to an asset injection, which analysts say would give the listed firm more growth potential.
Alibaba Health Information Technology Ltd is to be integrated with its parent group's online pharmacy business through a HK$19.4 billion (US$2.5 billion) deal.
Alibaba would transfer the business operations of Tmall's online pharmacy business to the listed unit in exchange for new shares and convertible bonds.
After the deal completes, Alibaba is expected to own about 53 percent of stake of Alibaba Health Information, compared to about 38 percent currently.
The e-commerce giant is extending its influence in a variety of industry sectors including finance, film making, digital entertainment and healthcare thanks to its vast user base and consumer behavioral data accumulated over the years.
Tmall's online pharmacy business started in 2012 and currently a total of 186 licensed pharmacy chains are selling through Tmall with products ranging from over-the-counter drugs, medical devices, contact lenses to other healthcare merchandise.
Transaction of these businesses was around 4.74 billion yuan in the year ended March 2015.
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