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April 7, 2014

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Alibaba buys stake

ALIBABA Group announced it will invest HK$5.37 billion (US$692 million) in Intime Retail Co for a 9.9 percent stake in the Chinese department store operator.

The two companies will form a joint venture to develop shopping malls, department stores and supermarkets as Alibaba, China’s largest e-commerce company, tries to integrate online and offline shopping.


 

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